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RAJASTHAN RAJYA VIDYUT UTPADAN NIGAM LTD.(A Government of Rajasthan Undertaking)
13th ANNUAL REPORT
2012-2013
LIST OF DIRECTORS
(AS ON DATE OF THE ADJOURNED 13th AGM)
1. Sh. Narendra Mal Mathur - Chairman & Managing Director
2. Sh. Alok, IAS - Director
3. Sh. Praveen Gupta, IAS - Director
4. Sh. Ram Gopal Gupta - Director
5. Sh. Prakash Chand Jain - Director (Projects)
6. Sh. Arun Kumar Gupta - Director
CHIEF CONTROLLER OF ACCOUNTSSh. A.K.C. Bhandari
COMPANY SECRETARYSh. S.G.V.S. Subrahmanyam
AUDITORSM/s P.C. Modi & Co.
Chartered Accountants,R-20, Yudhishter Marg,
C-Scheme, Jaipur-302005Tel: 2222735, 2228503,
Fax: 0141-2222697
BANKERSState Bank of Bikaner & Jaipur
REGD. OFFICE & HEAD OFFICECIN - U40102RJ2000SGC016484
Vidyut BhawanJanpath, Jyoti Nagar
Jaipur - 302005Phone : 0141-2740381-2
Fax : 0141-2740633Website : www.rajenergy.com
www.rvunl.com
Contents
S.No. Particulars Page Nos.
1. Director's Report 1-17
2. Auditor's Report 18-32
3. Annual Accounts along with Significant Accounting Policies & 33-80
Notes on Accounts
4. Statement pursuant to Section 212 of the 81-82
Companies Act,1956 relating to Subsidiary Companies
5. Supplementary Audit Report 83
6. Management's Response to CAG's Comments 84
Subsidiary Companies
7. Annual Report of Chhabra Power Ltd. for the Year 2012-13 85-112
8. Annual Report of Dholpur Gas Power Ltd. for the Year 2012-13 113-134
9. Annual Report of Giral Lignite Power Ltd. for the year 2010-11 135-172
1
DIRECTOR’S REPORT
To the Members,
Your Directors are pleased to present the Thirteenth Annual Report on the business and operations of the
Company and the Audited Statement of Accounts for the financial year ended 31st March, 2013.
1. Highlights
During the period (from 1st April, 2012 till date), additional Generation Capacity of 1260 MW has been
added by RVUN by synchronizing/ commissioning most of the Units under ongoing Power Projects,
namely, 600 MW, Unit-1 of the Kalisindh TPP in Jhalawar, 2x250 MW, Units-3&4 of Chhabra TPP in
District Baran, 110 MW Gas Turbine Unit and 50 MW Steam Turbine Unit of Ramgarh GTPP in District
Jaisalmer, as detailed below :
S. No. Power Project Date of synchronizing/ Date of Declaration
commissioning of Commercial
Operation (COD)
1. 600 MW, Unit-1 of Kalisindh TPP Synchronized on coal 07.05.2014
17.09.2013
2. 250 MW, Unit-3 of Chhabra TPP Commissioned on 19.12.2013
09.09.2013
3. 250 MW, Unit-4 of Chhabra TPP Synchronized on coal on Expected shortly
30.06.2014
4. 110 MW, GT Unit of Ramgarh Commissioned on 06.12.2013
GTPP 20.03.2013
5. 50 MW, ST Unit of Ramgarh Commissioned on 07.06.2014
GTPP 01.05.2014
Besides the above units, 600 MW, Unit-2 of the Kalisindh Thermal Power Project is also in advanced
stage of completion and is expected to be commissioned during year 2014.
The Company had initiated all the preliminary activities for setting up two 2x660 MW Supercritical
technology based Coal Thermal Power Plants at Chhabra (Units-5&6, Stage-II) & Suratgarh (Units-7&8,
Stage-V) and 160 MW Gas based Power Project at Ramgarh (Stage-IV), totaling to an additional
Generation Capacity of 2800 MW. Activities such as land acquisition, water allocation, obtaining various
statutory clearances etc. have been completed. Ministry of Environment and Forest (MOEF), GoI, granted
environmental clearance for above supercritical projects except Unit-6 of Chhabra, which shall be granted
by MOEF after confirmed fuel linkage. Orders have been placed on EPC basis on M/s L&T and M/s
BHEL for Chhabra and Suratgarh Supercritical Projects, respectively. Foundation Stone for Suratgarh
TPP, Units-7&8 and Chhabra TPP, Units-5&6, have been laid on 20.06.2013 and 17.09.2013, respectively.
Work at site has also been commenced for these projects. For Ramgarh Stage-IV, Orders for main plant
package has been awarded to M/s BHEL. State Level Environment Impact Assessment Authority (SEIAA),
Rajasthan has issued environmental clearance for this project on 08.11.2012. Foundation Stone of this
Project has been laid on 08.06.2013.
Ministry of Coal vide letter dated 05.08.2013, has allocated "Kente Extension" coal block situated in
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Chhattisgarh State comprising of 200 Million Tonnes capacity to RVUN to the end use power plant
considered for allocation as per the PPA submitted to MoC, namely, 2x660 MW (Units-7&8) Suratgarh,
2x660 MW (Units-5&6) Chhabra, 2x660 MW (Units-1&2) Banswara, 2x660 MW (Units-3&4) Kalisindh
and 2x660 MW (Units-9&10) Suratgarh.
During the period under review, RVUN executed the Coal Mining and Delivery Agreement (CMDA) with
Rajasthan Collieries Ltd., the Joint Venture Company on 03.10.2013, for captive mining of coal from
the Kente Extension coal block and delivery of coal to RVUN TPS.
The State Government has accorded its 'Administrative & financial' approval to the Company for setting
up an additional Generation Capacity totaling to 7750 MW during the 12th Five Year Plan out of which
4950 MW capacity power plants are now expected to be commissioned 13th plan.
2. Financial Results
The summarised financial results of the Company for the year ended 31st March 2013 are as under -
(` in Crores)
Current Year Previous Year
2012-13 2011-12
Revenue from Sale of Power* 8781.44 8256.71
Revenue Subsidies & Grants and other Income 45.23 74.30
Total Income 8826.67 8331.01
Cost of Generation of Power* 7165.84 6862.19
Other Expenditure* 448.94 387.79
Profit before depreciation, interest and tax 1211.89 1081.03
Less: i) Depreciation 615.60 576.98
ii) Interest, finance charge and lease rentals* 796.39 845.75
Profit/ (Loss) for the period (-) 200.10 (-) 341.70
Add/Less: Prior period credits/ expenses 14.88 11.44
Profit/ (Loss) before tax (-) 185.22 (-) 330.26
Less: Provision for Tax 0.00 0.00
Profit / (Loss) after tax (-) 185.22 (-) 330.26
Appropriations NIL NIL
* The figures are net of the amount capitalized during the year.
No profits being available for appropriation, the Board is unable to recommend payment of dividend
for the year.
3. Generation & Plant Performance
The total installed capacity of various Thermal & Hydel Power Stations owned and run by your Company
presently is 5357.35 MW and the detailed list of Power Stations / Units is placed at Annexure- I. A total
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of 25326.11 Million Units (26551.68 MU in 2011-12) of electricity was generated during the year 2012-
13. A total of 23041.93 Million Units (24218.86 MU in 2011-12) were sold to the three Power Distribution
Companies of the State viz., Jaipur Vidyut Vitran Nigam Ltd. (Jaipur Discom), Ajmer Vidyut Vitran
Nigam Ltd. (Ajmer Discom) and Jodhpur Vidyut Vitran Nigam Ltd. (Jodhpur Discom), as per the Power
Purchase Agreement (PPA) with the aforesaid three Discoms, at a pre-determined ratio, after reducing
the auxiliary consumption. The aforesaid generation does not include infirm power of new / extension
units commissioned during the year under review.
The major Power Stations of RVUN have performed efficiently during the period under review. Kota
Super TPS achieved a Plant Load Factor (PLF) of 89.66% (92.59% in 2011-12) while Suratgarh
Super TPS achieved a PLF of 80.44% (81.01% in 2011-12).
Dholpur Gas TPS achieved a PLF of 40.21%, which is less than the PLF of 2011-12 (77.76%) due to
shortage/ less availability of Gas (PMT, RIL & SPOT Gas) and only 55.30% Gas was available during
2012-13 as compared to 2011-12.
Apart from above mentioned major Power Stations, Chhabra TPS, Giral TPP and Ramgarh TPP achieved
PLF of 66.76% (70.5% in 2011-12), 21.55% (22.24% in 2011-12)and 51.44% (55.3% in 2011-12),
respectively, during the year.
4. Fuel Supply Management
i) Coal:
The availability of coal for thermal power projects in the country is critical as demand is growing rapidly
in respect to production of coal. The major requirement of coal is met by coal received from SECL &
NCL, the subsidiaries of Coal India Ltd. The coal is being supplied through Fuel Supply Agreements with
SECL & NCL for the units commissioned before 31.03.2009, meeting 80% requirement of coal. The
Company has also entered into Fuel Supply Agreement (FSA) for supply of coal for Units commissioned
after 31.03.2009 i.e. Chhabra Units-1&2, Kota Unit-7, Suratgarh Unit-6 and 65% of coal requirement is
being met through this FSA.
To meet the shortfall of indigenous coal and as per directions of Ministry of Power, Govt. of India, as well
as State Govt. to optimize the power generation, Company has invited tenders and awarded contracts
for purchase of 18.0 lacs MT South African originated imported coal for supply during the years 2013-14
and 2014-15.
The Company is making all out efforts for securing long term coal linkage & allotment of coal blocks for
the upcoming Supercritical Thermal Power Projects at Suratgarh (Unit- 7 & 8) and Chhabra (Unit- 5 &
6). Out of total requirement of 13.00 MTPA, MoC, GoI, had conveyed its approval to use 8.00 MTPA
Coal to be obtained from enhanced mining capacity of Parsa East & Kente Basan coal blocks for these
upcoming Supercritical Thermal Power Project. For balance requirement of coal of 5.00 MTPA for these
Projects, Ministry of Coal vide letter dated 05.08.2013 has allocated 'Kente Extension' coal block to
RVUN.
ii) Captive Mining:
The mining capacity of the 'Parsa East & Kente Basan' captive coal block allotted to RVUN in the State
of Chhattisgarh has been increased from 10 MTPA to 15 MTPA. The Coal Mining & Delivery Agreement
4
(CMDA) executed with the JV Company namely, 'Parsa Kente Collieries Limited' was accordingly amended.
It was agreed that the 'Contract Price per MT' payable for coal supplied out of incremental quantity will
be same as stipulated under CMDA for 10 MTPA.
RVUN submitted revised Mining Plan for 15 MTPA for Parsa East & Kente Basan' coal blocks on 16.02.12
due to availability of higher coal reserve of 452 Million MT. Subsequently, Revised Mining Plan of Parsa
East and Kente Basan (15 MTPA) coal blocks was approved by Ministy of Coal, GoI, vide letter dated
19.11.2013.
Mining & dispatches of coal from 'Parsa East and Kente Basan' coal blocks have commenced in March,
2013. Around 20.00 lac MT coal has already been dispatched to linked power project i.e. Chhabra
Units-3&4 (2x250 MW) and Kalisindh Units-1&2 (2x600 MW).
Further, Ministry of Coal, Govt. of India vide letter dated 05.08.2013 has allocated Kente Extension coal
block situated in Chhattisgarh State comprising of 200 Million Tonnes capacity to State Govt. Company
i.e. RVUN for meeting part requirement of its Suratgarh supercritical TPP Units-7&8 (2x660 MW) &
Chhabra supercritical TPP Units-5&6 (2x660 MW).
RVUN executed a Joint Venture Agreement with Adani Enterprises Limited (AEL) on 09.12.2011 and as
per terms & conditions thereof a Joint Venture Company namely "Rajasthan Collieries Ltd." was
incorporated on 27.03.2012 under the Companies Act, 1956, wherein RVUN would be transferred 26%
equity shares (Sweat Equity) by M/s AEL which will hold the remaining 74% equity together with its
nominees. RVUN executed the Coal Mining and Delivery Agreement (CMDA) with Rajasthan Collieries
Ltd., the Joint Venture Company on 03.10.2013, for captive mining of coal from the Kente Extension
coal block and delivery of coal to RVUN TPS.
During the period, RVUN incorporated a Wholly Owned Subsidiary Company, namely, 'Rajasthan State
Coal Mining Company Limited' (RSCMCL) on 11.05.2012 under the Companies Act, 1956 to meet the
requirement of guidelines of GoI for getting allocation of coal blocks to Government Company or
Corporation. However, the very purpose of establishing a "State Coal Mining Company" by RVUN was
fulfilled by allocation of the 'Kente Extension Coal Block' directly to RVUN. Therefore, the matter has
been submitted to the State Government for its consideration and approval for making an application to
the Registrar of Companies, Rajasthan, Ministry of Corporate Affairs (GoI) for striking-off the name of
Rajasthan State Coal Mining Company Ltd., a wholly owned subsidiary company of RVUN, from the
Register of Companies as a "Defunct Company" or "Inactive Company" as per applicable provisions of
the Companies Act.
iii) Gas:
Gas supply at RGTPP
M/s GAIL is supplying natural gas of 0.75 MMSCMD from gas fields of OIL, 0.05 MMSCMD from gas
fields of ONGC and 0.2 MMSCMD from gas fields of Focus Energy for 110.5 MW Units, Stage I & II. M/
s GAIL is also supplying natural gas of 0.75 MMSCMD gas of high GCV for 160 MW, Stage-III Units. The
supply of 0.75 MMSCMD gas has been commenced from Oct. 2012 for Unit-3. The 'Heads of Agreement'
have been signed for supply of 0.75 MMSCMD gas for upcoming 160 MW, Stage-IV extension Unit with
GAIL. However, finalization of prices for the gas is under reference of Ministry of Petroleum & Natural
Gas, GoI.
5
Gas supply at DCCPP:-
The production at PMT gas fields & KG D-6 is declining year by year, therefore availability of gas
reducing against the Contracted Quantity. The company has been meeting the shortfall by purchasing
costlier spot gas upon the requirement of Discoms, from GAIL (India).
iv) Lignite & Limestone:
A Fuel Supply Agreement (FSA) for long term supply of lignite and limestone for the 1x125 MW, Giral
Lignite Thermal Power Project has been entered with Rajasthan State Mines & Minerals Ltd. (RSMML)
on 19th May, 2009. The 2nd unit of 125 MW has also been commissioned on 26th December, 2008 and
RSMML has been supplying lignite and limestone for operating the Power Station.
5. Commissioning of Power Projects/Units
The Company has commenced Commercial operation from 110 MW GT Unit and 50 MW ST Unit of
Ramgarh Stage-III project with effect from 06.12.2013 and 07.06.2014, respectively. Unit-1 of Kalisindh
TPP achieved Commercial operation (COD) on 07.05.2014. Unit-3 of Chhabra TPP has also achieved
Commercial operation (COD) on 19.12.2013 and Unit-4 of Chhabra TPP has been synchronized on oil
on 23.04.2014 and full load commissioning on coal has been done on 30.06.2014.
Project Cost Escalation: The Board of Directors has accorded its approval for enhancement of capital
cost of Units- 1&2 of Chhabra, Units-1&2 of Kalisindh Thermal Power Project, Units- 3 & 4 of Chhabra
Stage -III and of Ramgarh Gas based Power Project. In case of Units- 1&2 of Chhabra TPP, the Project
cost has increased from Rs. 2350 Crores to Rs. 2820 Crores, in the case of Units-1&2 of Kalisindh
Thermal Power Projects, the cost has increased from Rs. 7723 Crores to Rs.9479.51 Crores, in case of
Units- 3&4 of Chhabra TPP, the Project cost has increased from Rs. 2200 Crores to Rs. 3033.50 Crores
and in case of Stage -III of Ramgarh Gas based Power Project, the Project cost has increased from
Rs.640 Crores to Rs. 890 Crores. Approval of the State Government has been accorded to the above
cost estimates of various Projects.
The above escalation has been mainly due the delays in Commissioning of units by various reasons and
addition of new system/schemes, which have not been envisaged at the time of project cost estimation.
Besides, the non-recovery of operating & maintenance expenditure from the State Power Distribution
Companies against the power generated upto the date of CoD has also led to the increase in the capitalized
pre-operative expenses of the above Units.
6. Ongoing/ new Power Projects
The status of construction activities of the ongoing Power Projects commissioned recently or to be
commissioned very shortly is given below:
i. Chhabra Coal based TPP (2x250 MW Units-3 & 4 under Phase-2 Stage-I): The construction & erection
works of 250 MW, Unit-3 completed and has been commissioned on 09.09.2013 and Commercial
Operation declared on 19.12.2013. 250 MW, Unit-4, synchronized on oil on 23.04.2014 and
commissioned on coal on 30.06.2014. The coal requirement for this Power project will be met from the
captive coal block(s).
6
ii.Kalisindh Coal based TPP (2x600 MW Units-1 & 2): 600 MW Unit-1 has been synchronized on coal on
17.09.2013 and achieved Commercial operation on 07.05.2014. The construction & erection works of
unit-2 Boiler, ESP Unit, Mills, cooling tower, TG, Switch yard, CHP etc. is under advance stage of
completion by the EPC contractor and is targeted for Commissioning during the year 2014. The coal
requirement for this Power Project will be met from the captive coal blocks.
iii. Ramgarh Gas based TPP [160 (110+50MW) MW Stage - III]: Construction work for Main Plant &
Balance of Plant packages has been completed by BHEL and BOP Contractor, respectively. 110 MW GT
unit has been commissioned on 20.03.2013 and commercial operation declared on 06.12.2013. The
Steam Turbine Unit (50 MW) commissioned on 01.05.2014 and commercial operation declared on
07.06.2014.
Besides the above ongoing Projects, the Company is also taking up the two Supercritical technology
based Power Projects in extension of the existing Thermal Power Stations at Suratgarh and Chhabra.
The State Government, vide letter dated 2nd March, 2009, conveyed its "Administrative & Financial"
approval for these Projects for 12th Five Year Plan period, at an estimated cost of Rs.7920 Crores each
with a debt-equity ratio of 80:20. Along with above mentioned projects, company is also taking up, the
Gas based Exp. Power Project, Stage-IV at Ramgarh, Jaisalmer for which State Govt. conveyed its
"Administrative & Financial" approval on 24.06.2010 at an estimated cost of Rs. 640 Crores with a debt
equity ratio of 80:20.
Progress Status of these three projects is as under:-
i. Chhabra Supercritical Extn. Project (2x660 MW Units-5&6 Stage-II):
Environmental Clearance has been issued by MOEF, New Delhi on 23.05.2012 for Unit-5. Orders have
been placed on EPC basis upon M/s L&T Ltd. 'Consent to Establish' for Unit-5 has been issued for the
project by RSPCB on 4.06.2013. EC for Unit-6 shall be granted after confirm fuel linkage. Foundation
Stone has been laid on 17.09.2013. Work at site has been commenced. Unit-5 is scheduled to be
commissioned during the 12th Plan period.
ii. Suratgarh Supercritical Extn. Project (2x660 MW Units-7&8 Stage-V):
Environmental Clearance has been issued by MOEF, New Delhi on 23.05.2012. Orders have been
placed on EPC basis upon M/s BHEL. Consent to Establish has been issued for the project by RSPCB on
04.06.2013. Foundation Stone has been laid on 20.06.2013. Work at site has been commenced. These
Units are scheduled to be commissioned during the 12th Plan period.
iii. Ramgarh Gas Based Exp. Power Project (160 MW, Stage-IV):
Environmental Clearance for the projects has been issued by SEIAA, Rajasthan on 08.11.2012. M/s
Desein has been appointed as Project Consultant. M/s BHEL has been awarded orders for Main Plant
Equipments. Order for BOP Package was awarded to M/s Techpro Ltd., which was cancelled and new
online tenders have been invited on Risk & Cost basis, which are under process. Consent to Establish
has been issued for the project by RSPCB on 05.06.2013. Foundation Stone for 160 MW, RGTPP,
Stage-IV has been laid on 08.06.2013 and is scheduled to be commissioned in 12th Five Year Plan.
7. New / Future Power Projects
The State Government has entrusted the Company to create additional Generation Capacity of
7
4950 MW by setting up the various Power Projects during the 12th Five Year Plan. The progress of
preliminary activities undertaken in respect of these Projects is given below:
i. Banswara coal based TPP (2x660 MW Units-1&2): The State Government has accorded
its Administrative & Financial approval on 23rd/24th June, 2010. Water has been allocated by
Water Resources Deptt., while various statutory clearances, including the environmental clearance,
are being pursued. M/s TCE has been appointed as Project Consultant. Land acquisition for the
project is in process. Terms of Reference (TOR) has been prescribed on 07.12.2011 by MOEF
which further got extended up to Dec-2014 and EIA study at site for Environmental Clearance
had been initiated by Environmental Consultant M/s PCRI, BHEL, Haridwar, but interrupted
due to agitation by local people. Possibilities are also being explored for enhancing unit size from
660 MW to 800 MW. These Units were scheduled for commissioning during the 12th Plan period,
but are now targeted for 13th Plan.
ii. Kalisindh TPS Extn. Project (2x660 MW Stage-II): The State Government has accorded
its Administrative & Financial approval on 23rd/24th June, 2010. Water has been allocated by
Water Resources Department. Terms of Reference (TOR) has been prescribed on 10.12.2013
by MOEF and EIA study at site for Environmental Clearance had been completed by
Environmental Consultant M/s PCRI, BHEL, Haridwar while various statutory clearances are
being pursued. Possibilities are also being explored for enhancing unit size from 660 MW to 800
MW. These Units were scheduled for commissioning during the 12th Plan period, but are now
targeted for 13th Plan.
iii. Suratgarh TPS Extn. Project (2x660 MW Stage-VI): The State Government has accorded
its Administrative & Financial approval on 23rd/24th June, 2010. Water has been allocated by
Water Resources Deptt., while various statutory clearances are being pursued. Possibilities are
also being explored for enhancing unit size from 660 MW to 800 MW and to shift the project to
Banswara. These Units were scheduled for commissioning during the 12th Plan period, but are
now targeted for 13th Plan.
iv. Dholpur Gas TPP (3x110 MW Stage-II): The State Government has accorded its
Administrative & Financial approval on 19th April 2010. Water has already allocated by Water
Resources Deptt. Part of the land required is available with RVUN while additional land measuring
10.65 Hectares is being acquired. No objection Certificate for 'Stack height' has been received
from Airports Authority of India and Public Hearing for environmental clearance conducted at
site on 08.03.2013. However, Central Electricity Authority, New Delhi has advised not to plan
new Gas based Power Project due to non availability of Domestic gas till Year 2015-16.
v. Kota Gas TPP (3x110 MW): The State Government has accorded its Administrative & Financial
approval on 13th October, 2010. Water has been allocated by Water Resources Deptt. and land
required is available with RVUN. Public Hearing for environmental clearance conducted at site
on 13.09.2011. However, Central Electricity Authority, New Delhi has advised not to plan new
Gas based Power Project due to non availability of Domestic gas till Year 2015-16.
vi. Chhabra Gas TPP (3x110 MW): The State Government has accorded its Administrative &
Financial approval on 13th October, 2010. Water has been allocated by Water Resources Deptt.
and land required is available with RVUN. Public Hearing for environmental clearance conducted
8
at site on 21.03.2013. However, Central Electricity Authority, New Delhi has advised not to plan
new Gas based Power Project due to non availability of Domestic gas till Year 2015-16.
8. Environment
Your Company continued to take adequate measures to control pollution and ensure atmospheric emissions
within the prescribed limits of Environment (Protection) Act, 1986 at all its Coal/ Lignite based Thermal
Power Stations. Similarly, several industries have been encouraged for utilizing the ash generated from
all the existing and upcoming Thermal Power Stations and long term Agreements/ MoUs have been
executed for the purpose.
The Company has also started to adopt the highly efficient Supercritical Technologies for its upcoming
coal based Power Projects, so as to ensure lower emissions and greener environment.
RVUNL affirms its commitment for environment and to deal proactively with Climate change issues by
efficient & optimum use of natural resourcing & equipments, adoption of latest technologies, minimization
of wastes, maximum ash utilization and ensuring green belt all around the plant for maintaining the
ecological balance. Company has also formulated a comprehensive 'Corporate Environmental Policy
(CEP)' and Board of Directors approved it on 26.07.2012.
Besides, the Company has also placed an order for installing 'High Pressure Mist Generating System' for
Dust Suppression in Coal Handling Plant of Kota Thermal Power Station as per condition stipulated in
the 'No Objection Certificate' issued by the Ministry of Environment & Forests (MOEF), GoI. The High
Pressure Mist Generating System is environment friendly and less water consuming. It effectively takes
care to fugitive dust which reduces air pollution.
9. Corporate Social Responsiblity
Your Company attaches great importance to discharging its social responsibilities to the community and
society, where the Power Projects are being taken up and has been contributing constantly towards the
Project affected areas and people by contributing to various development works in the surrounding areas
of the new Power Projects at Suratgarh, Chhabra, Jhalawar, Ramgarh in addition to similar activities at
the existing Power Stations of Kota, Dholpur, Banswara (Hydel).
Your Company has also formulated a comprehensive 'Corporate Social Responsibility Policy (CSR)'
which provides for the financial contribution to implement CSR activities/ works in its ongoing as well as
future Power Projects and Power Stations. State Govt. has approved this policy on 20.05.2011 and
constituted 'CSR Implementation Committees' at each Power Station/ Project comprising of Members
under the Chairmanship of the concerned District Collector. The CSR Implementation Committee has
started functioning for implementation of CSR activities / works, as stated in the Policy.
CSRI Committee for Suratgarh Supercritical Thermal Power Project has approved the work of taking up
the case of providing Railway Over Bridge (ROB) on the road linking NH-15 to the STPS Plant Site &
villages with an approved estimated cost of Rs.21.55 Crores as part of the CSR contribution. Further, the
works such as Bus facility for ferrying children from nearby villages to schools in SSTPS, Township on
recurring basis, Provison of drinking water to residents living in settlement /Dhanis in the vicinity of
plantsite/township through PWD etc. have also been taken as part of CSR by CSRI Committee of Suratgarh
TPS.
9
Besides, construction works of 215 mtrs. CC road in village Titarkhedi with an estimated cost of Rs.
15.39 lakhs have been taken up by the CSRI Committee for Chhabra Thermal Power Project.
Similarly, CSRI Committee for Kalisindh Thermal Power Project has approved the action plan with an
estimated cost of Rs.21,57,35,000/- for implementation of Corporate Social Responsibility (CSR) Policy.
The action plan includes activities of infrastructure development, education, generation of employment
& capacity building etc.
10. Share Capital
The State Government has continued with its equity support for all the ongoing Projects of the Company.
The Authorized share capital of the Company is presently Rs.10,000 Crores. The paid-up share capital of
the Company has increased to Rs. 5804.59 Crores by allotment of 54,13,06,200 equity shares of
Rs.10/- each aggregating to Rs. 541,30,62,000/- to the Hon'ble Governor of Rajasthan during the year
2012-13.
Further, an amount of Rs.161 Crores was also received from the State Government as share application
money which was pending for allotment as on 31.03.2013. During the period after the closure of financial
year 2012-13, a total amount of Rs. 13,23,00,01,000/- has been received as equity from the state
government and allotments of equity shares have been made against the same from time to time. The
present paid-up share capital of the Company is Rs. 72,88,59,01,000/-.
11. Loans & Bonds
The Company has tied up financing for all the ongoing Power Projects with Power Finance Corporation
Ltd. (PFC) and Rural Electrification Corporation Ltd. (REC). Financing for the upcoming Supercritical
Power Projects is also being tied up, for which PFC has already sanctioned 60% of the total borrowings
as per the Project cost. The additional financing to meet the revised/ enhanced Project cost of some of
the Projects has also been tied up. The Company has made adequate arrangements to meet its working
capital requirements through PFC, Commercial Banks, REC, etc. Besides, the limit on borrowing powers
of the Company has been increased from Rs.20,000 Crores to Rs. 30,000 crores by passing a special
resolution in the Extraordinary General Meeting of the Members of the Company held on 25.07.2014.
The company is also proposing to raise funds in the financial year 2014-15 by way of issue of bonds of
Rs. 1000 crores in tranches, to part finance the enhanced project cost of units 1 & 2 (2x600 MW)
Kalisindh TPP & the approval for the same has already been granted by passing a special resolution in
the extraordinary general meeting of the members of the company held on 25.07.2014.
The total Long Term borrowings as at 31st March, 2013 stood at Rs.13,687.78 Crores including an
amount of Rs.1725.56 Crores of current maturities of long term debt, which is shown under Other
Current Liabilities in the Balance Sheet of the Company as per the Revised Schedule-VI of the Companies
Act, 1956. The Short Term borrowings as at 31st March, 2013 were at Rs. 500 Crores.
12. Human Resources
During the period, a proposal for creation of new posts for new/ extension Power Projects/ Units being
set-up by the Company and strengthening of its various wings/ Offices has been approved by the State
Government. In the year 2012, the recruitment exercise including calling applications, conducting Written
Exam and documents verification for appointment to the post of Junior Chemist was completed in only
39 days.
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Details of direct recruitments as well as promotions done since 2012-13 are as under:-
A. Direct Recruitment :-
Sr. No. Name of Post Year Recruitment made
1. Junior Engineer-I 2012-13 152
2. Technician 2012-13 494
Direct Recruitment for the year 2013-14 (under process):
Sr. No. Name of Post Year Recruitment made
1. Junior Engineer-I*** 2013-14 452
2. Junior Chemist * 2013-14 19
3. Accounts Officer** 2013-14 6
4. Accountant** 2013-14 11
5 Junior Accountant** 2013-14 81
6 Technician 2013-14 136
* Documents verification for the post of Jr. Chemist has been done on 21st August, 2014.
** Documents verification for the posts of Accounts Officer, Accountant and Junior Accountant is
scheduled in Sept., 2014.
*** Due to Court Stay, recruitment process for the post of Junior Engineer-I is held up.
B. Promotion :-
Sr. No. Name of Post Year Promotions Made
1. All Cadres 2012-13 325
2. All Cadres 2013-14 251
3. All Cadres 2014-15 233
For extension of existing units as well as setting up of new Power Stations, new posts have been created
as follows:-
1) For enhancing promotion avenues of Technical Workers, 108 new posts were created at STPS,
Suratgarh and 50 posts were created at CTPP, Chhabra in May, 2012, of which 60 posts of
Technician-II were upgraded to that of Technician-I at STPS, Suratgarh.
2) 2 Nos. posts of Chief Accounts Officers were upgraded to that of Chief Controller of Accounts in
July, 2012.
3) 428 Nos. new posts were created in October, 2012 for operation & Maintenance of 2x600 MW
Units- 1 & 2 of Kalisindh TPP, Jhalawar.
4) RVUN has established its office at Parsa East & Kanta Basan' Coal Block, Ambikapur (Chattishgarh
State) for coal mining, for which total 39 posts have been created in April, 2013.
5) 55 new posts created in Sept., 2013 in Accounts Wing.
6) 198 additional posts created for Construction of two Supercritical Power Projects (Suratgarh
TPS Units-7&8 and Chhabra TPP Units-5&6) in May, 2014 in Engineering Cadres.
11
13. Directors & Committees
Shri N. M. Mathur (DIN-03033375) has been re-appointed as Chairman & Managing Director of the
Company on 18th June, 2013 for a period of one year. Earlier, Shri Mathur held additional charge as
Chairman & MD w.e.f. 25.4.2013 consequent upon relinquishment of charge by Shri P. N. Singhal,
(DIN-03040634) upon completion of his tenure on 22.4.2013. The Board places on record its appreciation
of the services of Sh. P. N. Singhal during his tenure.
Besides, during the period under review, Shri P. C. Jain (DIN-03545146), who was earlier appointed as
Wholetime Director designated as Director (Projects) initially for two years on 17.05.2011, was re-appointed
for a further period upto his superannuation, vide order dated 30.5.2013 by Govt. of Rajasthan. Shri O.
P. Khandelwal (DIN-06693572), Chief Engineer, Suratgarh TPS, was appointed as Director and also as
Wholetime Director designated as Director (Technical) on the Board of Directors of RVUN for a period of
one year with effect from 04.09.2013. Shri Khandelwal completed his tenure on 03.9.2014 and accordingly
relinquished his charge as Wholetime Director and also as Director on the said date.
Shri Arun Kumar Joshi (DIN-06835204), Chief Controller of Accounts (KTPS) appointed as Director
(Finance) with effect from 19.02.2014 till the date of his superannuation (i.e. 31.10.2014), in place of
Shri Bhawani Shankar Joshi (DIN-06530315), who was retired on 30.11.2013. Earlier, Shri Joshi was
appointed Director (Finance) in place of Shri Mukesh Chandra Gaur (DIN-02209644) with effect from
28.02. 2013. Shri Arun Kumar Joshi, Director (Finance), expired on 15.08.2014 and the Board expresses
its deep regret and condolence on the sudden demise of Shri Joshi and places on record its appreciation
of his services during his tenure.
During the period under review, Shri Tanmay Kumar (DIN-02574098), IAS, Shri Praveen Gupta (DIN-
03521006), IAS, Shri Alok (DIN-02600247), IAS, Shri R. G. Gupta (DIN-00173937), Smt. Seema
Shrivastava (DIN-06683122) and Shri Arun Kumar Gupta (DIN-06948144) have been appointed as
Directors on the Board. Shri Naresh Pal Gangwar (DIN-01180608), IAS, Shri Abhay Kumar (DIN-
02389148), IAS, Smt. Shashi Mathur (DIN-03498034), Shri Tanmay Kumar, IAS, Shri Kunji Lal Meena,
(DIN-05220511) IAS, Shri Shailendra Agarwal (DIN-02790897), IAS and Smt. Seema Shrivastava ceased
to be Directors during the said period.
The Audit Committee of the Company has been re-constituted consequent upon the aforesaid changes
in Directors, keeping in view the provisions of Companies Act.
14. Auditors
The Comptroller & Auditor General of India has appointed M/s P C Modi & Co, Chartered Accountants,
Jaipur as the Statutory Auditors of the Company, for the financial year 2012-13.
15. Auditors’ Observations
The replies of the Management to the observations of the Statutory Auditors on the Annual Accounts for
the financial year ended 31.3.2013, are attached hereto as Annexure-II. The replies of the Management
on the report/ comments of the Comptroller & Auditor General of India are attached herewith.
16. Subsidiaries
The copies of the Balance Sheet, Auditors' Report and Directors' Report of the subsidiary companies for
the financial year ended 31st March, 2013 and other documents required to be attached as per provisions
of Section 212 of the Companies Act, 1956, are attached with the Balance Sheet of the Company and in
12
case of Giral Lignite Power Ltd., the annual accounts, auditors report & director’s report for the financial
year 2010-11 are attached.
17. Director’s Responsibility Statement
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors, to the best of their knowledge
and belief, confirm that :
i) in the preparation of the annual accounts, the applicable accounting standards have been followed
by the Company, except as stated in the Significant Accounting Policies & Notes on Accounts;
ii) appropriate accounting policies have been selected and applied consistently and such judgments
and estimates have been made that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the Company as at end of financial year and of the profit/ loss of the
Company for the year ended on that date, except as stated in the Significant Accounting Policies
& Notes on Accounts;
iii) proper and sufficient care has been taken for the maintenance of adequate accounting records
in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities; and
iv) the annual accounts have been prepared on a going concern basis.
18. Disclosure of additional particulars under Section 217, etc. of the Companies Act, 1956
i) The Company is making continuous efforts for conservation of energy by reducing the Auxiliary
Consumption at its various Power Stations by installation of modern state of the art Power Plant
equipment, by optimizing the same through timely maintenance and various other methods to
increase efficiency;
ii) As regards technology absorption, the information required under this Section may be treated
as nil;
iii) There has been no foreign exchange inflow during the year while total foreign exchange outflow
was at Rs. 120,93,34,044/- (in rupee terms).
iv) None of the employees of the Company is covered under the provisions of Section 217(2A) of
the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as
amended; and
v) The Company has not accepted any public deposits in terms of Section 58A of the Companies
Act, 1956.
19. Acknowledgement
The Board hereby places on record its appreciation of the continued support received from Government
of Rajasthan and the concerned Ministries of Government of India. The Board further expresses its
appreciation of the support extended by the Rajasthan Electricity Regulatory Commission, Power Finance
Corporation & all other Financial Institutions, Bankers and other agencies which are instrumental in the
RVUN's growth.
The Board places on record its appreciation of the valuable services rendered/ contributions made by its
Directors and employees whose dedicated contribution has been a source of strength to your Company.
On behalf of the Board of Directors
(N. M. MATHUR)
DATE : DIN-03033375
Place: Jaipur Chairman & Managing Director
13
Annexure - I
List of Power Station/Units of RVUN
S.No. Name of Power Station Planned Installed
Capacity Capacity
I. Kota Super TPS 1240 MW 1240 MW
1. Stage-I 2x110 MW 220 MW
2. Stage-II 2x210 MW 420 MW
3. Stage-III 1x210 MW 210 MW
4. Stage-IV 1x195 MW 195 MW
5. Stage-V 1x195 MW 195 MW
II. Suratgarh Super TPS 1500 MW 1500 MW
1. Stage-I 2x250 MW 500 MW
2. Stage-II 2x250 MW 500 MW
3. Stage-III 1x250 MW 250 MW
4. Stage- IV 1x250 MW 250 MW
III. Dholpur Gas based Combined 3x110 MW 330 MW
Cycle Project (GT-1, GT-2 & ST)
IV. Ramgarh Gas TPS 273.5 MW
1. Gas Turbine 1 38.5 MW 38.5 MW
2. Gas Turbine 2 37.5 MW 37.5 MW
3. Steam Turbine 37.5 MW 37.5 MW
4. Gas Turbine Stg-III 110 MW 110 MW
5. Steam Turbine Stg-III 50 MW 50 MW
V. Giral Lignite TPS 250 MW
1. Unit-1 1x125 MW 125 MW
2. Unit-2 1x125 MW 125 MW
VI. Chhabra TPP 1000 MW
1. Phase - 1 (Unit-1 & 2) 2x250 MW 500 MW
2. Phase - 2 (Unit - 3 & 4) 1x250 MW 500 MW
VII. Kalisindh TPP (Unit-1) 600 MW 600 MW
VIII. Mahi Hydel Power Station Power House-I 2x25 MW 50 MW
IX. Mahi Power House-II 2X45 MW 90 MW
X. Mini Hydel Schemes (10) 23.85 MW
Total 5357.35 MW
In addition to the above, the operation & maintenance of Rana Pratap Sagar (172 MW) and Jawahar Sagar
(99 MW) Hydel Power Stations (owned by Rajasthan Rajya Vidyut Prasaran Nigam Ltd.) is also under the
control of the Company.
14
MANAGEMENT’S RESPONSE TO THE STATUTORY AUDITOR’S
REPORT ON THE ACCOUNTS OF RVUN FOR
THE FINANCIAL YEAR 2012-13.
MAIN REPORT
Para No. 1& 2: No comments.
Para No.3: Basis for Qualified Opinion.
Management does not agree with the auditor's view regarding financial impact as quantified. The detailed
response has been given at relevant paras of Annexure-II of the report.
Para No. 4 Qualified Opinion
The detailed response has been given for the effects of the matters described in Annexure-II of the report.
Para No. 5 (1)(a) to (h) Emphasis of Matter
No comments as these have already been adequately disclosed by relevant notes.
LEGAL AND REGULATORY REQUIREMENTS
1& 2- No comments
3. (a) Relevant records in respect of Giral unit II have also been provided
(b) (i) & (ii) Relevant proper records are maintained.
(c) No comment.
(d) No comment as these has already been adequately disclosed by relevant notes.
(e) No comment.
ANNEXURE- I OF THE AUDITORS' REPORT
1. (a) Detailed Fixed Asset Registers are available with the company prepared / updated upto 2012-13 for all
the power stations. As regards showing the full particulars including quantitative details and situation of
fixed assets, most of the assets appearing in the register contain the information as required under the
Act. Further, the extent of quantification has not been commented by the statutory auditors. The company
has already hired services of M/s Shyam L. Agarwal & Co., to maintain said register. The Fixed Assets
Register of STPS Stage-I as prepared by the firm has been provided to the auditors as well as Dy.AG
Rajasthan as per their satisfaction to comply with the provision of the Act so that same may be replicated
for the other units of the company.
(b) Physical verification report has been made available to the auditors. Steps are being taken to strengthen
the system of physical verification of Fixed Assets at unit level. Regarding Non availability of Fixed
Assets, the same has already been disclosed at note no.10.1.
(c) Factual.
2. (a) Factual.
(b) Factual.
(c) No comments. Necessary actions are being taken.
3. Factual.
4. Efforts are being made to further strengthen of Internal Audit System with the nature and size of Business and
reconciliation of the balances. Purchases are made as per provisions of DOP. Necessary provisions have been
made regarding old balances having no proper details. As regard confirmation, the same has already been
disclosed at relevant notes.
5 & 6: Factual.
7. The company is not agreed with the observation regarding non existence of adequate internal audit system.
Annexure II
15
The company having proper system of Internal Control due to which no fraud/embezzlement has been
occurred/noticed. Efforts are being made to further strengthen of Internal Audit System with the nature and
size of the Business.
8. Provisional cost records for the year 2012-13 have already been prepared at the time of audit. Now final cost
records have also been prepared.
9. (a) The old balances are under process of reconciliation and year after year, these are continuously decreasing.
Further actions for timely deposition of the statutory dues and liquidating these old balances are being
taken up.
(b) i & ii: No comments as these have already been disclosed at note no. 31.2 (c), i & viii.
10 to 16 & 18 to 21: No comments.
17. The company has adequate details of loans including utilization also. Generally company has obtained Term
loans for construction of projects and Short Term Loans for working capital requirements and utilized for the
same.
ANNEXURE-II OF THE AUDITOR’S REPORT
1. DISCLOSURE OF ACCOUNTING POLICIES:
1.1 No comments as these have already been disclosed at 1.11 of Accounting Policies.
1.2 The company has proper policy regarding revenue recognition on account of truing-up adjustment
also as already been disclosed at S.no. 1.5(c) of the accounting policy.
1.3 Same has already been disclosed at note no.9.1
2. REVENUE RECOGNITION:
2.1 Company is not agreed with the auditor's view. No adjustment is required without directions of the
RERC in this regard and the revenue is being recognized as per Accounting Policy of the company at S.
No. 1.5
2.2 There is no difference in amount of FPA arrived by both the formulas. However, the units have been
directed to comply with the RERC norms for calculating the FPA by new formula.
2.3 The units have been directed to comply with the RERC norms for calculating the FPA correctly.
2.4 & 2.6 The same has been claimed as per views of RERC in this regard.
2.7 The unit has been directed to comply with the RERC norms for calculating the FPA correctly.
3. OVERSTATEMENT OF TRADE RECEIVABLES:
Company is not agreed with the auditor's view. Revenue is recognized on the basis of tariff order issued
by the RERC and same is being done as per Accounting Policy of the company at S. No. 1.5.
4. EMPLOYEE BENEFITS:
The position in this regard has already been disclosed vide point no.1.8 of Accounting Policies.
5. IMPAIRMENT OF ASSETS:
The company does not agree with the observation issued. The company has made impairment
assessment of the assets and necessary certificates to this effect have already been provided to the
statutory auditors. In this regard also refer disclosure made at Note no 31.9
6. FIXED ASSETS, CAPITAL WORK IN PROGRESS (CWIP) AND DEPRECIATION:
6.1 The company is having the details of capital work in progress as work order wise and scheme wise and
transferred to fixed assets accordingly. As regard pending adjustments, unit officers are being directed
to carry out proper accounting adjustments.
6.2 No adjustment is required as staffs posted are worked of another unit in addition to their already
allotted work of the particular unit.
16
6.3 The company is having proper Internal Control System due to which no fraud/embezzlement has been
occurred/noticed.
6.4 The necessary adjustments have been made and due to continuous efforts the balances are reducing
year after year.
6.5 The company has proper details of relevant technical parameters and same are within the limit, hence
no recovery has been made in this regard so far.
7. ACCOUNTING FOR INVESTMENT :
7.1 The Management of the company does not agree with the Auditor's View. The same has been correctly
presented under "Loans and Advances "as amount of investment has not classified and shares not
issued.
7.2 &7.3 The Management of the company does not agree with the Auditor's View regarding permanent
decline in the value of the investment in GLPL. As regard loss of GLPL is mainly due to charging of
expenses including IDC and other to the statement of Profit & Loss instead of capitalization of the same
on account of prolong of COD. RERC has also allowed some amount against expenditure booked in
the Profit & Loss Account. Secondly company intends to ensure regular and effective operation on
sustainable basis of the unit after arranging rectification /modification /replacement with the alternate
fuel. To implement the same company has issued order to M/s Energo Engineering Project Ltd. to carry
the complete technical study (Residual Life Assessment) of the Giral Project. Necessary action shall be
taken on the basis of report of technical study (RLA) to operate the project on sustainable basis and
also to recover the initial losses through future profit.
8 LONG OUTSTANDING / UNRECONCILED BALANCES :
8.1 DEBIT BALNCES:
(a) Necessary provisions have already been made at various units regarding un-reconciled long
outstanding balances. Continuous efforts are being made to reconcile these balances and carry
out necessary adjustments.
(b) The balances in current account with banks and collection accounts are reconciled. As regard
status of other balances, necessary disclosures have already been made at note no. 8.3, 17.3 and
31.7.
(c) Due to our active efforts the old balances under these heads has continuously been reducing/
adjusting year after year on the basis of record maintained. The total negative balances got reduced
to Rs. 5.28 lacs as against 8.97 lacs last year. Further efforts are under progress.
(d) Continuous efforts are being made to reconcile the remaining old negative balances.
8.2 CREDIT BALANCES:
a. These also include very old balances and continuous efforts are being made to reconcile these
balances and carry out necessary adjustment if required.
b. The matter of Indo-Nissan is pending for decision in the Hon'ble Court. Any further action regarding
adjustment will be taken as per decision of the Hon'ble Court.
c. The concerned officers have been directed to reconcile these balances and ensure to carry out
necessary adjustment after due verification.
d. The matter has already been disclosed at note no. 9.1.
e. Efforts are being made to reconcile the same and carry out necessary accounting adjustment if
required.
f. Efforts are being made to reconcile the same and these have already been properly disclosed at
note no. 17.3.
17
g. Efforts are being made to reconcile the same and these have already been disclosed at note
no.8.3.
9 INVENTORY, STORES AND SPARES:
9.1 Due to active efforts the differences have been reducing year after year. However, concerned unit
officers have been directed to get the remaining differences reconciled and carry out necessary adjustment.
9.2 The company does not agree with the observation. The matter has already been adequately disclosed
at note no. 16.1.
9.3 The concerned unit officers are being directed to comply with the observation raised.
10 GENERAL/OTHER:
10.1 The Management of the company does not agree with the Auditor's View .The amount of Retention
money is not actually due and it depends upon the performance of the contract.
10.2 Monthly contributions are made on the basis of payment of salary and wages paid to the employees
and these are reconciled every month by the respective unit contributing the same. As per our records
no current liability is pending to be provided or contributed to the trust fund. In this regard also refer to
the disclosure made at note no. 31.2 (d).
10.3 The fact stands disclosed vide note no. 31.8. However efforts are being made to comply with the
provisions of the said acts.
10.4 The tax at source has been deducted as per the provisions of the Income Tax Act, 1961. Further, the
concerned unit officers are being directed to ensure proper compliance of the provisions of the Act.
10.5 Regarding pending court cases etc the disclosure made vide note no. 31.2 (c) be referred. Further the
amount of contract remaining to be executed on capital account has been arrived based on the total
project cost less current booking/expenditure incurred. The calculation has been made for each project
separately. Also refer disclosure at note no. 31.1
11 GIRAL:
11.1 Giral Lignite Power Limited (GLPL) is a wholly owned subsidiary of RVUN and the allotment of equity
shares towards consideration for transfer unit-I of GLTPP was initially to be made after increase in the
Authorized Share Capital of GLPL from Rs.1 crore to Rs. 200 crore which got increased in the year
2009-10 but allotment of shares by GLPL was subject to a decision on the "mode of Purchase
Consideration" of the total "Net Assets Value". Proposal for discharging the Purchase Consideration is
under process. The adequate disclosure has already been made vide note no. 14.2.
11.2 The status regarding debt servicing and execution of tripartite agreement, necessary disclosure has
already been made vide note no.20.3.
11.3 Proper books are maintained at the Giral unit 2nd by the company. Only the revenue expenses are
initially booked in the Giral unit 1st (GLPL) and thereafter shared between the two units on the basis of
basic accounting principles.
11.4 Unit 2nd of Giral (RVUN) has already commenced commercial operation w.e.f 12.03.2011. The Giral
unit-I (subsidiary company) i.e. GLPL has also commenced commercial operation w.e.f. 18.10.2011.
As the entire land was purchased against project provision for Unit-I, on transfer of business of Giral
Unit-I into subsidiary company GLPL, the assets appeared in the books of accounts have also been
transferred in GLPL. However the title of this land is continued to be in the name of RVUN. It is not
possible to segregate land unitwise presently, as there are many services in operation shared by both
the units commonly.
11.5 The management of the company is not agreed with the views of the auditors regarding charging of
Depreciation before COD of the unit. The Fixed Assets have been recognized after declaration of COD
of the unit as per Regulatory norms. The COD of the unit-2 of Giral has been declared on 12.03.2011.
18
P.C. MODI & Co. "Shree Dham"
Chartered Accountants R-20, Yudhister Marg, C-Scheme, Jaipur-302005
Tel: 2222735, 2228503 Fax: 0141-2222697
E-mail: [email protected]
INDEPENDENT AUDITOR'S REPORT
TO
THE MEMBERS
RAJASTHAN RAJYA VIDYUT UTPADAN NIGAM LIMITED
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Rajasthan Rajya Vidyut Utpadan Nigam Limited
(“the Company”), which comprise the Balance Sheet as at 31st March, 2013, and the Statement of Profit and
Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and
other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
Management is responsible for the preparation of these financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ('the Act'). This responsibility
includes the design, implementation and maintenance of internal control relevant to the preparation and
presentation of the financial statements that give a true and fair view and are free from material misstatements,
whether due to fraud or error.
AUDITOR'S RESPONSIBILITY
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India.
Those Standards require that, we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of
the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit
also includes evaluating the appropriateness of accounting principles used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
BASIS FOR QUALIFIED OPINION
We draw attention to Annexure II (which forms an integral part of this report) which gives a statement regarding
the comments, qualification and reservations that constituted the basis for modifying our opinion.
19
We further report our observations based on the para no.s/ sub para nos. [ 8.2(b), 8.2(c), 9.2, 10.1, 11.5] where
financial impact has been quantified. This has been done without considering the paras as mentioned in report
and Annexure II, in which the financial effect could not be ascertained. The impact of our observation are as
under:-
(` in Lacs)
Head Before Increase / After
Qualification Decrease Qualification
Net loss 18,522 5,396 23,918
Fixed Assets 8,21,004 -7,302 8,13,702
Capital work in progress 9,77,594 20 9,77,614
Inventories 86,790 -24 86,766
Other current liabilities 3,41,544 -1,910 3,39,634
QUALIFIED OPINION
In our opinion and to the best of our information and according to the explanations given to us, except for the
effects of the matters described in Annexure II referred in our Basis for Qualified Opinion paragraph, the
financial statements give the information required by the Companies Act, in the matter so required and give a true
and fair view in conformity with the accounting principles generally accepted in India:
(i) in the case of Balance Sheet, of the state of affairs of the Company as on 31st March, 2013;
(ii) in the case of Statement of Profit and Loss, of the Loss for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date.
EMPHASIS OF MATTER
1. Your attention is drawn to:
a) Note 10.3 that the title of land on which road related to STPS is constructed valuing ̀ 78.04
Lacs does not vest with the Company.
b) Note 10.9 that Company had acquired 557.14 Bigha of land for Dholpur Gas Power Project
from "M/s RPG Enterprise" through Govt. of Rajasthan. Out of which, 200.01 Bigha of Land
is not yet allotted in favour of RRVUNL as it is appearing as forest land in the revenue
records. Also, no title deed is executed in favour of Company.
c) Note 15.2 that the Company has taken certain assets on lease. Out of these assets, the
ownership of leased assets of the following entities have not been transferred in the name of
the Company after expiry of lease agreements due to pending litigation in court or in absence
of power of attorney. The security deposit equivalent to residual value of the lease assets
have already been deposited with lessors except M/s ICICI Ltd. for which payment will be
made. The details are as under:
(` in Lacs)
S.No. Name of Lessor Lease Value Residual Value
1 M/s ICICI Ltd 8,400.00 84.00
2 M/s Indo Nissan Oxo Chemical Ltd. 623.34 155.83
Total 9,023.34 239.83
20
d) Note 21.1 that the Discoms namely JVVNL, JDVVNL, AVVNL are not admitting the Mvarh
charges claimed by RRVUNL in its monthly energy bills. The total of such claim is ̀ 11,957
lacs including ` 2,450 lacs for the year 2012-13. Due to non confirmation, accounting of
such claim to the above extent has not been recognized in the books of relevant year of
RRVUNL.
e) Note 31.2 (c) (i) that at KTPS and DCCPP, a disputed liability of ` 3,098 Lacs and ` 10.79
Lacs respectively on account of water cess claimed by Rajasthan State Pollution Control
Board (RSPCB) for which appeal has been filed by Chairman, RSPCB.
Due to pending outcome of litigations, no impact of the said disputed liability has been
taken in financial statements.
f) Note 31.2 (c) (ii) that at SSTPS disputed liability on account of Incentives of coal supplies
bills and others demanded by SECL amounting to ̀ 1,481 lacs has not been acknowledged
by the Company as debt but shown as Contingent Liability since no claim has been raised
by the party. Also, as per contract, mutual consent is necessary for the payment.
Due to non availability of details of mutual corresponding, impact of the same on financial
statements is not ascertainable, if any.
g) Note 31.2 (c) (iii) that the Additional Collector (Stamps) Jaipur, has raised the demand of
stamp duty & interest of ` 1,580 lacs on finalisation of appeal against matter of levy of
stamp duty on purchase of plant & machinery and loan documents executed. The Company
has filed the revised appeal before Chief Controlling Authority (Stamps), Ajmer against the
said demand by depositing the 25% amount of demand i.e. ` 395 lacs.
Due to pending outcome of litigations, no impact of the said disputed liability has been
taken in financial statements.
h) Note 31.2 (d) that RERC had allowed the Company to recover the sum of ` 4,000 Lacs per
year towards shortfall in pension and gratuity from the tariff for a period of 5 years and this
amount recovered from the Tariff was to be paid to the PF trust. However, the Company had
recovered installments for the year 2010 to 2013 but only ` 11321 Lacs has been remitted
to the P.F. trust till 2012-13.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor's Report) Order, 2004 ('the Order'), as amended, issued by the
Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the
Annexure I a statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As the Company is governed by the Electricity Act, 2003, the provisions of the said Act have prevailed
wherever the provisions of the Companies Act, 1956 are inconsistent with the said Electricity Act, 2003.
3. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations except Giral Unit as mentioned in Annexure II,
which to the best of our knowledge and belief were necessary for the purpose of our audit;
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books except that the items referred to in paragraph
1.1(b) and paragraph 1.11 of Significant Accounting Policies are accounted for on cash
21
basis instead of accrual basis as required by the Section 209 of the Companies Act, 1956
and except the following:-
(i) Subsidiary ledgers /records in respect of various heads of security deposits, earnest
money, retention money, staff advances, liabilities for supply of material, trade payables,
misc. deposits, advance to suppliers/other parties, advance from parties etc.
(ii) Work wise/scheme wise records for capital work in progress.
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are
in agreement with the books of account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by
this report comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the
Companies Act, 1956 except for the possible effects as reported in Annexure II which are
summarized hereunder:-
• AS-1: Disclosure of Accounting Policies.
• AS-6: Depreciation Accounting.
• AS-9: Revenue Recognition.
• AS-10: Accounting for Fixed Assets.
• AS-13: Accounting for Investments.
• AS-15: Employee Benefits.
• AS-28: Impairment of Assets.
e) Being a Government Company, pursuant to the Notification No. GSR 829(E) dated 21st October, 2003
issued by the Government of India, provisions of section 274(1)(g) of the Companies Act, 1956 regarding
disqualification of directors are not applicable to Rajasthan Rajya Vidyut Utpadan Nigam Limited.
For P.C. Modi & Co.
Chartered Accountants
FRN 000239C
Place : Jaipur (Bharat Sonkhiya)
Dated : 27-03-2014 Partner
M No. 403023
22
ANNEXURE I TO INDEPENDENT AUDITOR'S REPORT
(Referred to in paragraph 1 under "Report on Other Legal and Regulatory requirements"
in the Independent Auditor's Report of even date on account of
Rajasthan Rajya Vidyut Utpadan Nigam Limited
for the year ended on 31st March, 2013)
1) (a) The Company informed that preparation of Fixed Asset Register is under process which
contains full particulars including sufficient description of the assets, quantitative details,
situation, individual asset wise depreciation and its written down value. In absence of
complete records and reconciliation, we are unable to comment on the discrepancies
including physical non-existence of assets, their being not in working condition and/or
their location.
(b) Physical verification report with detailed working papers of Fixed Assets have not been
made available to us. Company has not maintained complete records of Fixed Assets. In
absence of complete information, we are not in a position to comment on the discrepancies,
if any in relation to the physical existence of the assets and its book value. However, Fixed
Assets as mentioned in the books of head office amounting to ̀ 6,204 Lacs are not physically
available (as agreed by the management) with the Company, hence the provision was made
in the F.Y. 2008-09 for the same.
(c) In our opinion, the Company has not disposed of substantial part of its fixed assets during the year and
therefore the going concern status of the Company is not affected.
2) (a) In our opinion and as per certificates furnished, the inventories other than item of scrap have been
physically verified at reasonable intervals by the management during the year.
(b) In our opinion and as per the information and explanations given to us, the procedures of physical
verification of stock and spares conducted by the management through an independent chartered
accountant firm were reasonable and adequate in relation to the size of the Company and nature of its
business.
(c) In our opinion and as per the information and explanations given to us, the Company has
maintained proper records of inventory and the discrepancies, if any between physical
stock and book records noticed on such physical verification are under reconciliation. At
some units value of inventory as per store ledgers does not reconcile with the financial
books. (Refer point no. 9.1 of Annexure II of this Report)
3) As informed to us, the Company has neither taken nor granted any loans, secured or unsecured from/to
Companies, Firm or other parties listed in the register maintained under section 301 of the Companies
Act, 1956. Therefore, the provisions of Paragraph 4(iii) (b), (c), (d) of CARO are not applicable to the
Company.
4) In our opinion and according to the information and explanations given to us, there does
not exist proper internal control procedure commensurate with the size of the Company
and nature of its business in respect of purchase of Inventory, Fixed Assets and Sale of
Energy. No proper records of CWIP have been kept. Further, the Company has no system for
timely reconciliation and adjustments of trade receivables, trade payables, security deposits
from contractors and suppliers, staff advance, other advances and other liabilities, details
of which are not available from long time. The Company has not taken any major corrective
action to overcome these weaknesses in internal controls. Also, during the course of audit,
we have observed that the Company does not have proper system of timely adjustment of
Stores Requisition Notes and Stores Issue Notes at power plants (Refer point no. 9.1 of
Annexure II of this Report).
23
5) There are no contracts and arrangements as referred to in section 301 of the Companies Act, 1956,
particulars of which needs to be entered into a register maintained under section 301 of the said Act.
Accordingly, Paragraph 4(v) (a) and (b) of CARO are not applicable.
6) According to the information and explanation given to us, the Company has not accepted any deposits
from the public.
7) As explained to us the Company has outsourced some of the areas for internal audit and
most of the areas are audited by internal staff. Looking to the discrepancies observed during
the course of audit and correction made (as mentioned below) during the course of audit,
we are of the opinion that there is no adequate system of internal audit commensurate with
the size and nature of its business. Internal Audit Reports of Kalisindh, Mangrol, Cash,
H&GP Bikaner, H&GP Jaipur were not made available to us for our verification. The details
of correction made during the course of statutory audit are as under:-
(` in Lacs)
Particulars Assets Liabilities Expenses Income
Increase (A) 31,113 25,977 9,771 5,817
Decrease (B) 29,485 20,617 6,017 97
Net Increase/ 1,627 5,360 3,754 21
Decrease (A-B)
8) As per information given to us, Cost Records under section 209 (1) (d) of the Companies Act, 1956, for
the Financial Year 2012-13 are under the process of preparation but not yet finalized. So, we are unable
to examine such records and comment thereon.
9) (a) As per information and explanations given to us, we report that the Company is generally regular in
depositing undisputed statutory dues with appropriate authorities, including Provident Fund, Income
Tax, Sales Tax, Value Added Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other
material statutory dues to the extent applicable to it. However, some delays in depositing the same has
been observed. Further, in some cases, debit and credit balances in these accounts pertaining
to earlier years are being carried over not reconciled/ unadjusted/ unpaid for which no
details / reasons have been furnished to us. Hence we are not in a position to comment with
regard genuineness of such dues and to express any opinion thereon (Refer point no. 8.2 (e)
of Annexure II of this Report).
(b) According to the information and explanations given to us, there are no dues of Sales Tax, Income Tax,
Custom Duty, Wealth Tax, Excise Duty and Cess which have not been deposited on account of any
dispute except :
i) Liability of ̀ 3108.80 Lacs on account of water cess charges for which appeal is pending
with appropriate authority.
ii) Liability of ̀ 1,028.01 Lacs on account of Taxation matters on which appeals are pending
at different levels. The details are as under :
(` in Lacs)
S.No. Nature of Taxation Amount
1. Sales Tax Matters 4.38
2. VAT Matters 866.67
3. Fringe Benefit Tax 156.96
24
10) In our opinion and according to the information and explanations given to us, the accumulated losses of
the Company are less than 50% of its net worth. Also, Company has not incurred cash losses during the
year or during the immediately preceding financial year.
11) According to the information and explanation given to us, the Company has not defaulted in repayment
of dues to any financial institution/ bank or debenture holders. However, during the year defaults
took place, but the same were settled during the year only.
12) According to the explanations given to us, we are of the opinion that the Company has not granted loans
and advances on the basis of security by way of pledge of shares, debenture and other securities.
13) In our opinion, the Company is not a chit fund or a Nidhi/ mutual benefit and society. Therefore, the
provisions of clause 4 (xiii) of CARO are not applicable to the Company.
14) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other
investments.
15) According to the explanation given to us, we are of the opinion that the Company has not given guarantees
for loans taken by others from banks or financial institutions that are prejudicial to the interest of the
Company.
16) Company is maintaining records for availment and utilization of loans. A perusal of these records reveals
that prima-facie loans are utilized for the purpose they have been taken for. However, we have not
made a detailed examination of such utilizations as, direct or proximate linking of sources
and utilizations of loans are not available since they are centrally pooled and remains
partly unutilized.
17) According to the information and explanation given to us and on an overall examination of the Balance
Sheet and Cash Flow Statement of the Company, we cannot form an opinion about utilization of funds
raised on short term basis for long term investment have been used or not. We were explained that the
funds received are pooled together in only one bank account and then disbursed as per requirements of
various projects. Hence, we are unable to comment on proper utilization of the loans and
funds availed. Further, utilization details were not properly maintained with the Company
through which it could be arrived that whether short term funds have been utilized for long
term investments.
18) According to the information and explanations given to us, the Company has not made preferential
allotment of shares to parties and Companies covered in the register maintained under section 301 of the
Act.
19) According to the information and explanation given to us, during the period covered by our Audit
Report, the Company has not issued any debentures.
20) The Company has not raised any money by public issue during the year.
21) According to the information and explanations given to us, no fraud on or by the Company has been
noticed or reported.
For P.C. Modi & Co.
Chartered Accountants
FRN-000239C
Place : Jaipur (Bharat Sonkhiya)
Dated : 27-03-2014 Partner
M No. 403023
25
ANNEXURE II TO INDEPENDENT AUDITOR'S REPORT
(Referred to in "Basis for Qualified Opinion” paragraph and paragraph 3 under
"Report on Other Legal and Regulatory Requirements" in the Independent Auditor's
Report of even date on account of Rajasthan Rajya Vidyut Utpadan Nigam Limited
for the year ended on 31st March, 2013)
1. DISCLOSURE OF ACCOUNTING POLICIES:
1.1 Refer Accounting Policy No. 1.1(b) and 1.11, the Company has not followed the accrual assumption of
fundamental accounting in the following cases which are accounted for on cash basis.
a) Interest income from staff loans.
b) Interest payable on defaulted installments of sale consideration of fixed assets by lease finance
companies.
c) Generation linked incentives and productivity awards to its employees.
d) Price variation claims.
1.2 Refer Accounting Policy No. 1.5 (c) regarding revenue recognition, the Company is not recording revenue
on accrual basis.
1.3 Refer Note 9.1 regarding the Provision for ex-gratia, the Company has created Provision for ex-gratia on
ad- hoc basis
Considering the para 1.1 to 1.3 above, we are of the opinion that the Company's policies are not in
accordance with Accounting Standard-1 - "Disclosure of Accounting Policies" issued by ICAI. In absence
of details, we are unable to quantify the effect on Statement of Profit and Loss.
2. REVENUE RECOGNITION:
2.1 On scrutinizing RERC order of the F.Y. 2009-10, it was observed that expense on additional liability for
Pension and Gratuity were clearly disallowed.
However, as per sales bills of F.Y. 2012-13, the Company has not considered the above disallowance
while booking revenue for the F.Y. 2012-13. Also, no provision or adjustments has not been made
regarding the above disallowance.
2.2 The Company has calculated FPA as per formula given by RERC for Multi Year Tariff (MYT) 2004-09.
The said formula was eliminated by RERC for MYT period 2009-14. No adjustment has been made by
the Company regarding the same, if any.
2.3 The Company, in the calculation of Fuel Price Adjustment (FPA) has charged loss in transit @ 1.5% of
Railway Receipt (RR) weight on monthly basis whereas, the RERC allows only 1.1% of RR weight on
rack to rack basis. Due to this, the Company has overcharged the amount of Fuel Price Adjustment from
Discoms. This has resulted into overstatement of Income and Trade Receivables. However, due to non-
availability of information, we are unable to quantify the effect of the same.
2.4 On scrutiny of sales bill for the F.Y. 2012-13, it was found that the auxiliary consumption considered for
the calculation of FPA is erroneous, i.e. auxiliary consumption in the month of June is negative. Therefore,
we are of the view that the Company has made incorrect calculation of Ramgarh unit to that extent.
26
2.5 On scrutinising the True up order for the year 2009-10, it was observed that the RERC has taken a view
that the water availability is not under the control of RRVUNL (Mahi Unit). On the basis of above ground
the RERC had allowed full fixed charges. It was further explained that the same order pertains to F.Y.
2009-10 only.
But in the subsequent years i.e. F.Y. 2010-11, 2011-12 and 2012-13 RERC has not considered the
above fact in Tarrif order regarding allowance of fixed charges.
In 2012-13, on the basis of True up order for the F.Y. 2009-10 the Company has claimed full fixed
charges from Discoms. This has resulted in overstatement of Income and Trade Receivables.
2.6 As per Tarrif order for the F.Y. 2012-13 the Normative Plant Load Factor for KSTPS is 87.22% where as
it was 82% for the F.Y. 2011-12. The Company's Commercial Wing has considered Plant Load Factor
(Normative) @ 82% for KSTPS instead of 87.22 % as the base for the calculation of incentive for the F.Y.
2012-13. This has resulted in overstatement of Income.
2.7 On scrutinizing the FPA of Suratgarh for the F.Y. 2012-13, it was found that the variable cost (coal cost)
in FPA is not in accordance with cost of coal consumed (head 71.110) under generation cost in the
books of accounts. The Company has treated full amount of performance incentive as a coal expense in
FPA, but this performance incentive (Payable to SECL) is partially contingent in nature on reporting date
i.e. 31-03-2013. This has resulted in overstatement of Income.
3. OVERSTATEMENT OF TRADE RECEIVABLES:
The Company has recognised revenue in F.Y. 2011-12 also, without considering disallowance being made by
RERC. Due to this, the Company has unenforceable Trade Receivables in the books. Hence, to that extent of
disallowance, Trade Receivables are overstated and there is need of provision in the books for the same.
4. EMPLOYEE BENEFITS :
Refer Accounting Policy 1.8 and Note 31.2 (d), accounting of Pension, Gratuity, and Leave Encashment is
not in accordance with Accounting Standard -15, "Employee Benefits" issued by ICAI, since no Actuarial
Valuation of Gratuity and Pension is made in respect of liability at the year end. Further, Leave Encashment
is being accounted for on cash basis.
In the absence of Actuarial Valuation and details, we are unable to comment about the effect on Statement of
Profit and Loss regarding shortfall / excess in provision for liabilities of Employee Benefits.
5. IMPAIRMENT OF ASSETS :
5.1 The Company has not conducted any assessment in respect of Impairment of Assets and no provision
has been made in respect of Impairment Losses as required by Accounting Standard -28 "Impairment of
Assets" issued by the ICAI. The Company has also not submitted any report or working in respect of
identification of impairment of assets for various units.
5.2 Also, no Impairment Loss for GLTPP have been calculated and booked by the Company even after
noticing some of the adverse features and continuous correspondence for the same with the Company
during the course of Audit.
Due to non-availability of working, the effect of above non-compliance of Accounting Standards on the
financial statements is not ascertainable, if any.
27
6. FIXED ASSETS, CAPITAL WORK IN PROGRESS (CWIP) AND DEPRECIATION:
6.1 The Company is not having the work wise/age wise/scheme wise details of Capital Work In Progress and
this includes material at site (usable and unusable). It has been observed that some of the adjustments
are pending since long time. The impact of the same on the financial statement is not ascertainable.
6.2 The Company at various projects incurs common expenses like salary and other expenses for whole of
the Project. The Company is not in practice of apportioning the same to the unit, which is under
construction and the same is fully charged to Statement of Profit and Loss instead of capitalizing certain
portion of it. This results in understatement of Capital Work in Progress and the impact of the same on
the financial statement is not ascertainable.
6.3 Due to lack of proper internal control related to the works in progress and in absence of proper reports of
work completion and reconciliation of material issued and consumed, the inherent risk of "Fraud/Misuse"
cannot be denied.
6.4 The Opening Balance in respect of Advance to Contractors, Advance to Suppliers, Misc. Deposits, Capital
Work in Progress and Fixed Assets contains misstatements, because effect of previous years qualifications
has not been carried out or the effect thereof is not properly accounted or rectified. Therefore, the effect
of the same on financial statements is not ascertainable.
6.5 No details have been provided by the Company regarding Guaranteed Auxiliary Power Consumption in
the case of construction contracts. The Guaranteed Auxiliary Power Consumption clause of contracts
states that recovery shall be made at the specified rates from contractors in case auxiliary power
consumption for completing works, exceeds the limit specified in the contracts. In absence of records,
effects of the same on financial statements are not ascertainable.
Considering the para 6.1 to 6.5 above, we are not able to comment about correctness of CWIP, Fixed assets
and corresponding Depreciation thereon.
7. ACCOUNTING OF INVESTMENT:
7.1 Giral Lignite Power Limited is a wholly owned Subsidiary of the Company, in which the Company has
made an investment of ` 456.25 crore. Instead of showing the Investment as Non-Current Investment
the same is shown under Long Term Loan and Advances. This issue was also raised by C&AG in its
Supplementary Audit for F.Y. 2011-12. We concur with the view of C&AG that the same should be
recorded under Non-Current Investment in the books of the Company.
7.2 Accounting Standard-13 states that there should be permanent decline in the value of Investment if there
is existence of the following reasons:
a) Carrying Value of asset is more than Realizable Value.
b) Expected cash flow from the Investment are not achieved.
c) Negative Net worth of Investee Company.
7.3 The Company has not considered diminution in the value of Investment made in Giral Lignite Power
Limited, even after existence of some of the indicators for decline as mentioned in point 7.2 above. Apart
from the above, the following reasons also add up to the non-compliance of Accounting
Standard-13:
28
a) Report in a known Public Newspaper (Dainik Bhaskar on 9th Feb, 2014) that the Government is
planning to sell the plant or will make a new partner in the project due to the inherent technical
defaults in the plant.
b) No technical study report for the viability of the project is furnished by the Company till date as, it is
under progress.
c) The plant is working at 20-30% PLF since its beginning which shows that the fixed cost of the plant
is very high and if the project will be restarted making all the defaults right, huge investments will be
required.
d) Project's viability is at question since, the project is incurring losses from the beginning and Loss of
the Investee Company till 31-03-2011 as per audited financial statements is `158.46 crore.
Considering para 7.1 and 7.3 the Company has not complied with the provisions of Accounting Standard-
13 "Accounting of Investments". Considering, available information and facts, we are of the view that there is
permanent decline in the value of Investment but in absence of full particulars, we are unable to quantify the
effect of the same on financial statement.
8. LONG OUTSTANDING/UNRECONCILED BALANCES:
8.1 DEBIT BALANCES
a) The Company is having Long Outstanding Debit Balances of ̀ 290.15 crores, which have not been
reconciled since long. Also, many credit balances are still lying in these account heads. In absence of
proper explanations and details, we are unable to comment on the same.
b) Balances and amount due to/from banks in current accounts and collection accounts are subject to
reconciliation. Also, Subsidiary Giral Lignite Power Limited and other Companies of Board such as
RRVPNL, JVVNL, AVVNL and JdVVNL, balance with staff, Earnest Money Deposits, Security
Deposits, Misc Deposits held, Current Liabilities and Provision, Advances to Contractors/Suppliers,
etc. including 8.3 and 17.3 of Balance Sheet are subject to confirmation and have not been fully
reconciled. The effect of the same on the financial statements is not ascertainable.
c) Subsidiary records are not properly maintained at many units. Further, loans and advances include
old unadjusted and un-reconciled balances and confirmation for the same has not been provided. In
absence of full details, we are unable to comment on the Financial Impact, if any. Further, following
heads in different units are having negative balances (net):-
S.No Head Amount (`)
1 Scooter Advance 1,46,118.00
2 House Building Advance 3,27,058.50
3 Food Grain Advance 1,800.00
4 Pay Advance 24,291.00
5 Travelling Advance 13,373.00
6 Departmental Advance 10,978.00
7 Misc. Advance- Others 4,051.00
29
d) Transfer within Circles (TWC) amounting to ` 26.15 Lacs includes un-reconciled balances at many
units. It also includes negative balance of ` 0.23 Lacs. In absence of details, we are unable to
comment on the Financial Impact thereof.
8.2 CREDIT BALANCES
a) The Company is having Long Outstanding Credit Balances of ̀ 360.25 crore, which are not reconciled
since long. Also, some debit balances are lying in these account heads. In absence of proper
explanations and details, we are unable to comment on the same.
b) The Current Liabilities and Provisions include ̀ 6.23 Lacs payable to M/s Indo Nissan on account of
lease/rent expenses are lying unpaid/unadjusted. This issue was also raised by C&AG in its
Supplementary Audit for the F.Y. 2010-11. We concur with the view of C&AG that the same should
be written back in the books of Company. However, the Company has not fully adjusted such
liability in F.Y.2012-13 also.
c) Amount of ` 1,923.82 Lacs is lying as pending at Suratgarh Const. Unit since long under the head
"Liability for Supply Material Capital" for which no party wise details were available with the Company.
Due to this, liability for supply material capital and loss for the year are overstated by ` 1,923.82
Lacs.
d) The Company has made Provision for Bonus/Ex-gratia to employees on ad-hoc basis. Employee-
wise calculation is not available, hence, we are unable to comment on the correctness of the provision
made.
e) Company's Liabilities for State Sales Tax, TDS, GPF and PF are subject to reconciliation.
f) The Company has not done reconciliation of Inter Company Accounts with other successor entities
of erstwhile RSEB for period 2012-13. Further, reconciliation of account with Jodhpur Vidyut Vitran
Nigam Limited was made only up to F.Y. 2006-07. Financial impact, if any cannot be ascertained
and therefore the amount by which assets/liabilities/profit /loss, understated/overstated cannot be
quantified.
g) The balances of net salary payable and unpaid salary in units were not reconciled. Further, staff
related liabilities include debit balances at certain units amounting to ` 1.86 Lacs. Hence, staff
related liabilities were subject to reconciliation / adjustment.
9. INVENTORY, STORES AND SPARES:
9.1 In some units, values of inventory as per financial statements are not in reconciliation with the value of
inventory as per Stores Ledger. Details are as under:
` (In Lacs)
Unit Inventory as per Inventory as per Difference
Books (Note 16) stores Ledger
KTPS 7,315.81 7,318.27 -2.46
STPS 3,175.11 3,476.67 -301.56
RGTP 1,643.39 1,767.07 -123.68
DCCPP 1,010.04 985.08 24.96
30
In absence of reconciliation, effect of the above on Profit/Loss/Assets/Liabilities could not be quantified.
9.2 At SSTPS, inventory amounting to ` 23.56 Lacs was lost due to occurrence of theft. Any provision has
not been made in the books of account regarding the same. Due to this, inventory is overstated and loss
for the year is understated by ` 23.56 Lacs.
9.3 The Company is not in practice of making the store accounting at SSTPS, GLTPP and RGTP, CTPP on
day to day basis.
10. GENERAL/OTHER:
10.1 The Company has not paid Service Tax amounting to ̀ 20.39 lacs on Retention Money to BHEL at the
time of release of ETC running bill which was payable as per the terms & conditions of the contract.
No provision for the same has been made. Therefore, there is understatement of liability and CWIP by
` 20.39 lacs.
10.2 Pension and Gratuity liabilities are being funded through Trust on the basis of contribution by the
Company. However, no reconciliation/confirmation is provided for verification. In absence of
reconciliation, we are not in a position to comment whether Company has paid or provided all its
liabilities towards the Trust as per the rules and regulations of the said Trust.
10.3 The Company has not identified the Enterprises qualifying under the definition of Medium and Small
Enterprises, as defined under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED).
As a result no disclosure is given, as per requirement of Schedule VI to the Companies Act, 1956 vide
Notification No. GSR 719 (E), with regard to amounts unpaid as at the year - end together with the
interest paid/payable under the MSMED Act, 2006.
10.4 In number of cases, tax at source has not been deducted on provisions made at the year end in respect
of payments to contractors, professionals etc. as required under the provisions of Income Tax Act,
1961. However, impact of the same is not ascertainable.
10.5 Figures of the Contingent Liability as disclosed in respect of pending Court/ Arbitration / Legal / Tax
related cases, estimated amount of contract and other commitments have not been properly compiled
and ascertained. In the absence of details of each case with present status and indivisual details of
contract remaining to be executed on capital account, we are unable to verify the correctness of said
disclosure.
11. GIRAL:
11.1 As per the decision of Directors in Board Meeting, the Company had transferred its Giral - I unit to its
wholly owned subsidiary Giral Lignite Power Limited on and with effect from 1st January, 2009 for a
consideration of allotment of equity shares equivalent to the net book value on 31st December, 2008.
However, equity shares are not allotted by GLPL to RRVUNL till date.
11.2 The debts of the power plant transferred are being served by the RRVUNL without any agreement with
GLPL. The financer of Giral - I mainly PFCL has agreed to transfer the debt in the name of the
subsidiary GLPL by executing a triplicate agreement between the three companies, which has not
been executed so far. The liabilities of the Subsidiary Company (GLPL) are met by RRVUNL since, it
is not in a position to meet out its expenses. Due to the above adjustments, deposit and other deductions
made related to work done in GLPL are still lying unadjusted in the books of Company.
31
11.3 The Company has not maintained proper books of account at Giral Unit II. All expenses are charged by
GLPL in its books of account and the same are proportioned time to time in the books of Giral Unit II.
However, the basis and authenticity of that expenditure was not made available for verification. Hence,
we are not in a position to verify the same as GLPL is having separate auditor and the Audited financial
statements for the year 2012-13 are not produced before us for verification. Therefore, we are not in a
position to express our opinion on the expenditure of Giral Unit II of RRVUNL booked in financial
statements.
11.4 As per the terms approved by the Board for transfer of Unit 1 to GLPL, the ownership of land, building
and plant was to be transferred to GLPL but till date the land, building, plant & machinery were not
actually transferred to GLPL.
11.5 The Company has charged the depreciation on assets from the date of COD of the unit i.e. from
12.03.2011. C& AG, in his Supplementary Audit, reported that the above depreciation should be
charged from F.Y. 2009-10. We concur the view of C& AG, in the said circumstances, on the principles
that depreciation should be charged from the date when the assets are ready for use for commercial
production, not from the date when the assets were actually used for the commercial production. Due
to this, the Fixed Assets are overstated and depreciation is understated by ` 7,302 Lacs.
Considering para 11.1 to 11.5 and in absence of complete details, impact on assets/liabilities/profit and
loss cannot be ascertained.
For P.C. Modi & Co.
Chartered Accountants
FRN 000239C
Place : Jaipur (Bharat Sonkhiya)
Dated : 27-03-2014 Partner
M No. 403023
32
P.C. MODI & Co. "Shree Dham"
Chartered Accountants R-20, Yudhister Marg, C-Scheme, Jaipur-302005
Tel: 2222735, 2228503 Fax: 0141-2222697
E-mail: [email protected]
COMPLIANCE CERTIFICATE
We have conducted the audit of accounts of Rajasthan Rajya Vidyut Utpadan Nigam Ltd., Jaipur for the
year ended 31st March, 2013 in accordance with the directions/sub-directions issued by the C & AG of India
under section 619 (3) (a) of the Companies Act, 1956 and certify that we have complied with all the directions/
sub-directions issued to us.
For P.C. Modi & Co.
Chartered Accountants
FRN 000239C
Place : Jaipur (Bharat Sonkhiya)
Dated : 27th March, 2014 Partner
M No. 403023
33
EQUITY AND LIABILITIES
Shareholders’ funds
Share Capital 1 58,04,59,00,000 52,63,28,38,000
Reserves and surplus 2 (3,73,87,35,310) (1,86,62,41,214)
Share application money pending allotment 3 1,61,00,00,000 66,30,62,000
Non-current liabilities
Long-Term Borrowings 4 1,19,62,22,17,859 1,18,29,82,88,844
Other Long Term Liabilities 5 6,08,85,35,355 4,22,08,87,862
Current liabilities
Short-Term Borrowings 6 5,00,00,00,000 3,75,38,72,518
Trade Payables 7 7,87,46,22,683 3,00,63,63,403
Other Current Liabilities 8 34,15,44,08,188 28,24,10,29,689
Short-Term Provisions 9 2,88,79,94,991 4,01,88,26,866
2,31,54,49,43,766 2,12,96,89,27,968
ASSETS
Non-current assets
Fixed Assets
- Tangible Assets 10 82,10,03,76,302 87,60,82,06,678
- Capital Work-In-Progress 11 97,75,94,15,213 74,38,17,68,204
Non-Current Investments 12 20,00,001 15,00,001
Deferred Tax Assets (Net) 13 - -
Long-Term Loans and Advances 14 16,68,06,00,516 13,01,19,13,806
Other Non-Current Assets 15 2,21,02,54,433 2,84,51,96,839
Current Assets
Inventories 16 8,67,89,57,268 4,42,33,58,813
Trade Receivables 17 15,55,81,10,215 22,89,00,48,426
BALANCE SHEET AS AT 31st MARCH, 2013
(Amount in `)
Particulars Note As at As at
No. 31st March, 2013 31st March, 2012
34
Cash and Bank Balances 18 3,40,96,39,756 1,60,65,00,242
Short-Term Loans and Advances 19 1,44,32,55,514 3,50,07,87,461
Other Current Assets 20 3,70,23,34,548 2,69,96,47,498
2,31,54,49,43,766 2,12,96,89,27,968
SIGNIFICANT ACCOUNTING POLICIES
AND NOTES ON FINANCIAL STATEMENT I & II
As per our separate report of even date For and on behalf of the Board of Directors
For P.C. MODI & CO. (A.K. JOSHI) (N.M. MATHUR)
Chartered Accountants Director (Finance) Chairman & Managing
FRN 000239C Director
(Bharat Sonkhiya) (S.G.V.S. SUBRAHMANYAM) (A.K.C. BHANDARI)
Partner Company Secretary Chief Controller of Accounts
M.No. 403023
Place : Jaipur
Date : 27th March., 2014
(Amount in `)
Particulars Note As at As at
No. 31st March, 2013 31st March, 2012
35
Revenue :
Revenue From Operations 21 87,81,44,51,437 82,56,71,59,189
Other Income 22 45,22,53,300 74,29,86,927
Total Revenue 88,26,67,04,737 83,31,01,46,116
Expenses
Generation & Other Direct Expenses 23 71,65,84,08,038 68,62,18,95,133
Repairs & Maintenance 24 2,21,51,57,481 1,72,14,64,951
Employee Benefits Expense 25 1,73,75,79,259 1,56,20,02,807
Finance Costs 26 7,96,39,26,372 8,45,74,84,947
Depreciation and Amortization Expense 27 6,15,59,97,209 5,76,98,76,703
Administrative and Other Expenses 28 53,66,00,790 59,44,21,882
Total Expenses 90,26,76,69,149 86,72,71,46,423
Profit / (Loss) Before Prior Period Items and Tax (2,00,09,64,412) (3,41,70,00,307)
Prior Period Income/(Expenses) 29 14,88,12,080 11,44,23,226
Profit / (Loss) Before Tax (1,85,21,52,332) (3,30,25,77,081)
Tax Expense
Current Tax - -
Income Tax (Earlier year tax) - -
Deferred Tax - -
PROFIT / (LOSS) FOR THE YEAR (1,85,21,52,332) (3,30,25,77,081)
Earnings Per Equity Share 30
Equity Share of Par Value ` 10/- Each
(1) Basic & Diluted -0.35 -0.69
SIGNIFICANT ACCOUNTING POLICIES
AND NOTES ON FINANCIAL STATEMENT I & II
As per our separate report of even date For and on behalf of the Board of Directors
For P. C. MODI & CO. (A.K. JOSHI) (N.M. MATHUR)
Chartered Accountants Director (Finance) Chairman & Managing
FRN 000239C Director
(Bharat Sonkhiya) (S.G.V.S. SUBRAHMANYAM) (A.K.C. BHANDARI)
Partner Company Secretary Chief Controller of Accounts
M.No. 403023
Place : Jaipur
Date : 27th March, 2014
STATEMENT OF PROFIT AND LOSS
FOR THE YEAR ENDED 31st MARCH, 2013
(Amount in `)
Particulars Note For the year For the year
No. ended ended
31st March, 2013 31st March, 2012
36
CASH FLOW STATEMENT 2012-13
PARTICULARS 2012-13 2011-12
Details Amount (in `) Details Amount (in `)
A. Cash Flow from Operating Activity
Net profit before tax as per Statement of Profit & Loss (1,85,21,52,332) (3,30,25,77,081)
Adjusted for:
Depreciation 6,37,96,28,096 5,77,58,94,576
Rebate received from PFC (7,51,06,259) (22,12,54,240)
Interest Expenditure 7,89,72,23,090 8,38,69,22,867
Insurance Expenditure adjusted through (2,03,41,764) (9,39,34,009)
Reserve Account
Deferred Revenue on account of advance against
depreciation – (50,93,159)
Deferred Revenue Expenditure - W/off 6,67,03,282 7,05,62,080
Interest Income from Investments/Deposits (67,90,225) 14,24,13,16,220 (63,72,342) 13,90,67,25,773
Operating Profit before Working Capital Changes 12,38,91,63,888 10,60,41,48,692
Adjusted for:
(Increase)/Decrease Other non current assets 59,49,47,102 18,96,79,068
(Increase)/Decrease in Inventory (4,25,55,98,454) 54,95,86,155
(Increase)/Decrease Trade receivable 7,33,19,38,211 (8,03,50,48,862)
(Increase)/Decrease Short term Loans and Advances 2,05,75,31,946 (34,88,55,871)
(Increase)/Decrease in Other Current Assets (1,02,53,84,832) (1,30,68,65,306)
Increase/(Decrease) in Other Long term Liabilities 1,86,76,47,493 (2,98,29,713)
Increase/(Decrease) in Trade Payables 4,86,82,59,280 (1,38,72,42,485)
Increase/(Decrease) in Provisions (1,13,08,31,875) (3,20,25,408)
Increase/(Decrease) in Other Current Liabilities (64,89,87,591) 9,65,95,21,280 1,14,04,65,018 (9,26,01,37,403)
Cash Generated from Operations 22,04,86,85,168 1,34,40,11,289
Taxes paid - -
Net Cash from Operating Activity (A) 22,04,86,85,168 1,34,40,11,289
B. Cash Flow from Investing Activity
Purchase of fixed assets (22,28,60,72,665) (25,60,18,34,938)
Advance against fixed assets (3,66,86,86,710) 2,06,90,62,406
Investment made in subsidiary companies (5,00,000) -
Interest Income from Investments/Deposits 27,80,028 63,72,342
Net Cash Flow from Investing Activity(B) (25,95,24,79,347) (23,52,64,00,189)
37
C. Cash Flow from Financing Activity
Proceeds from issuance of share capital/ share 6,36,00,00,000 5,21,00,00,000
Application Money
Proceeds from Borrowing 23,30,97,47,187 45,19,87,18,507
Repayment of Borrowings (16,57,58,16,626) (20,90,82,01,637)
Rebate Received From PFC 7,51,06,259 22,12,54,240
Interest Paid (7,46,21,03,128) (7,63,17,56,865)
Net cash used in Financing Activity (C) 5,70,69,33,692 22,09,00,14,245
Net increase/decrease in cash and cash 1,80,31,39,514 (9,23,74,657)
equivalents(A+B+C)
Cash and cash equivalents at the beginning of the year 1,60,65,00,242 1,69,88,74,899
Cash and cash equivalents at the close of the year 3,40,96,39,756 1,60,65,00,242
Cash and Cash Equivalent includes:-
Cash and Cash Equivalents as per
Note No. 18
1. Cash in hand 3,76,712 5,22,003
2. Money in transit 26,14,503 27,59,657
3. Balance With Scheduled Bank 1,79,66,01,853 94,01,10,464
4. Balance in PD Account 1,61,00,30,000 66,30,92,000
5. Cash imprest with staff 16,688 16,118
CASH AND CASH EQUIVALENTS 3,40,96,39,756 1,60,65,00,242
Note: Cash and Cash equivalents as at 31.03.2013 and 31.03.2012 include restricted Bank Balances of
` 10,73,35,000/- and ` 9,98,90,000/- respectively. The restriction are primarily on account of cash and bank
balances held as margin money deposits against bank guarantee and Letter of Credit.
As per our separate report of even date For and on behalf of the Board of Directors
For P.C. MODI & CO. (A.K. JOSHI) (N.M. MATHUR)
Chartered Accountants Director (Finance) Chairman & Managing
FRN 000239C Director
(Bharat Sonkhiya) (S.G.V.S. SUBRAHMANYAM) (A.K.C. BHANDARI)
Partner Company Secretary Chief Controller of Accounts
M.No. 403023
Place : Jaipur
Date : 27th March, 2014
38
I. SIGNIFICANT ACCOUNTING POLICIES
1.1 General
(a) The financial statements of the Company have been prepared under historical cost convention
and in accordance with generally applicable accounting standards issued by the Institute of
Chartered Accountants of India, the provisions of Companies Act, 1956, the applicable provisions
of Electricity Act, 2003 and generally accepted accounting principles as adopted consistently by
the Company.
(b) The Company generally follows Mercantile System of Accounting and recognizes significant
items of income and expenditure on accrual basis except those with significant uncertainities
and price variation claims which are accounted for on cash basis.
(c) The preparation of financial statements in conformity with generally accepted accounting principle
requires the management to make estimates and assumptions that affect the income and
expenditure during the reporting period and the assets and liabilities including contingent liabilities
at the date of financial statements. The difference between actual results and estimates are
recognised in the period in which results are known or materialised.
1.2 Fixed Assets and Depreciation
(a) The fixed assets are stated at cost, after reducing accumulated depreciation. All costs including
financing costs till the commencement of the commercial production attributable to acquisition/
construction of fixed assets are capitalized.
(b) Since the Financial year 2009-10, depreciation is being charged at the rates notified by the
Rajasthan Electricity Regulatory Commission, Rajasthan, vide Notification dated 23.01.2009,
effective from the financial year 2009-10. The fixed assets are depreciated upto 90% of the
original cost. Regulatory Commission (RERC) has been allowing depreciation as per the CERC/
RERC norms in tariff fixation. Therefore we have been charging depreciation as per CERC/
RERC rates in the accounts since 2004-05.
The rates as applied for depreciation are different from the rates prescribed under Schedule XIV
to the Companies Act, 1956, which are disclosed as below:-
S.No. Particulars Rate of Depreciation (%)
1 Buildings 3.34
2 Hydraulic Works 5.28
3 Other Civil Works 3.34
4 Plant & Machinery 5.28
5 Lines & Cable Networks 5.28
6 Vehicles 9.5
7 Furniture & Fixtures 6.33
8 Office Equipment 6.33, 15
9 Capital Spares at Generating Stations 5.28
(c) In view of terms of agreement entered into by erstwhile RSEB with lessors, the Company has
not charged depreciation during the year on assets sold and leased back in the year 1994-95,
1995-96, 1996-97 and 1997-98, pertaining to generating stations.
(d) Depreciation on additions to/deductions from fixed assets during the year is charged on pro-rata
basis from/up to the day on in which the asset is available for use/disposal.
39
(e) Pending receipt of the completion reports in respect of capital works, the works completed are
transferred to fixed assets on the basis of the statements approved by the head of the project
(f) Where the cost of depreciable assets has undergone a change during the year due to increase/
decrease in long term liabilities on account of exchange fluctuation, price adjustment, change in
duties or similar factors, the unamortised balance of such asset is depreciated retrospectively
from the commencement of the unit based on the applicable rates of depreciation.
(g) Leasehold Land is amortised over the period of the lease.
1.3 Investments
(a) Long term investments are carried at cost less provision, if any, for permanent diminution in
value of such investments.
(b) Current investments are carried at lower of cost and fair value.
1.4 Stores and Spares
(a) Stores and spares have been valued at cost. Weighted average method has been used to work
out the pricing of issues and valuation of inventories. Various equipment & materials which are
mostly heavy and earmarked for specific works are issued/valued at cost.”Here the Company
deviates from the Accounting Standard-2“Valuation of Inventories” issued by ICAI
which requires Inventories to be valued at the lower of cost and net realisable value.”
(b) The material lying at site for capital works are being shown as capital works in progress.
(c) The stock of low value items of consumables are not maintained and are fully charged to revenue.
1.5 Revenue Recognition
(a) Revenue from sale of power has been accounted for on accrual basis and has been billed on
Discoms as per the power station wise tariff determined by Rajasthan Electricity Regulatory
Commission vide tariff order dated 30.03.2012, 03.04.2012, 31.05.2012, 06.06.2013,
respectively subject to finalization of truing up order. The energy sold to each Discom has been
arrived at by apportioning the total units sold by all the power stations amongst JVVNL, AVVNL
and Jd.VVNL in the approved ratio determined from time to time.
(b) Advance against depreciation, forming part of tariff to facilitate repayment of term loans, is
reduced from sales and considered as deferred revenue to be included in sales in subsequent
years.
(c) Any surplus or deficit arising as a result of truing up order on the basis of audited annual accounts
is adjusted in the year of issue of truing up order by the RERC.
1.6 Foreign Exchange Transactions
Monetary assets and liabilities related to foreign currency transactions remaining unsettled at the year
end are translated at the year end rate and the difference in translation and realised gains and losses on
foreign exchange transactions (other than for fixed assets) are recognised in the Statement of Profit and
Loss .
1.7 Preliminary and Deferred Expenses
(a) Consultancy charges, if any, paid through World Bank Loan are treated as deferred revenue
expenditure and one fifth of the same is written off every year.
(b) The premium, if any, paid to Financial Institutions / Banks on debt restructuring are deferred
and charged to Statement of Profit and Loss over the balance period of the loan.
1.8 Retirement Benefits
The retirement benefits in respect of pension & gratuity liabilities of personnel have been funded through
trust on the basis of contribution by the RVUN and other successor entities of erstwhile RSEB. However,
40
the liability for leave encashment is accounted for on actual basis. “Here the Company deviates from
the Accounting Standard-15“Employee Benefits” issued by ICAI, which requires the
contribution to be made on the basis of actuarial valuation and the company is not complying
with this requirement."
1.9 Government Grants & Subsidies
Revenue subsidies and grants, if any, received during the year from the State Govt. are treated as income
and is shown separately in the Statement of Profit and Loss .
1.10 Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement are recognized when there is a
present obligation as result of past event and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither
recognized nor disclosed in the financial statements.
1.11 Miscellaneous
(a) Expenses on training and recruitment, research and development are charged to revenue
(b) Expenses incurred on raising finance are being charged to revenue in the year, in which these
are incurred.
(c) Interest on loans and advances to staff is recovered on completion of recovery of principal
amount.
(d) Claims for grade difference, shortage of coal etc. lodged on coal companies are accounted for as
and when the credit notes are received by adjusting/recognizing the same in the Statement of
Profit and Loss of the current year, irrespective of the period to which it pertain. No provision is
made for above claims due to uncertainty of receipt of the same.
(e) Debit /credit notes on account of gas are accounted for as and when these are received irrespective
of the period it pertains.
(f) The generation linked incentive and productivity award admissible to the officers/employees of
the Power Stations are accounted for on cash basis.
(g) The rebate (by way of reduction in the interest rate) in interest under AG&SP scheme of Govt.
of India on loan given by PFC are directly deducted from interest cost and not separately shown
as income and accordingly net interest is charged to Statement of Profit and Loss.
(h) Interest on the Deferred Subvention Receivable from the State Government @ 5% is accounted
for on cash basis from the year 2004-05.
(i) Payment received against debtors from sale of power are adjusted as per their chronological
order date i.e. old outstanding dues are cleared first.
41
STATEMENT PURSUANT TO SECTION 212 OF THE COMPANIES ACT,1956
RELATING TO SUBSIDIARY COMPANIES
S.No. Name of The Subsidiary Giral Lignite Dholpur Gas Chhabra Power Rajasthan State
Power Ltd. Power Ltd. Ltd. Coal Mining
Company Ltd.
1 Financial Year of the subsidiary ended on 31.3.2011* 31.03.2013 31.03.2013 31.03.2013
2 Shares of the subsidiary held by the Company on
the above date
(a) Number and Face Value 50,000 Equity 50,000 Equity 50,000 Equity 50,000 Equity
(alongwith the Subsidiaries) Shares of `10/- Shares of `10/- Shares of `10/- Shares of `10/-
each fully paid each fully paid each fully paid each fully paid
(b) Extent of holding 100% 100% 100% 100%
3 Net aggregate amount of profits/(losses) of the
subsidiary for the above financial year of the
subsidiary so far as they concern members of
the company (In `)
(a) Dealt with in the accounts of the Company for the
year ended 31st March, 2013 Nil Nil Nil Nil
(b) Not dealt with in the accounts of the Company for
the year ended 31st March, 2013 Nil Nil Nil Nil
4 Net aggregate amount of profits/(losses) for previous
financial year of the subsidiary since it became a
subsidiary so far as they concern members of the
company (In `)
(a) Dealt with in the accounts of the Company for the
year ended 31st March, 2013 - N/A N/A N/A
(b) Not dealt with in the accounts of the Company for
the year ended 31st March, 2013 (-) 67,67,47,306/-(-) 2,54,666/- (-) 2,56,927/- N/A
5 Changes in the company's interest in the subsidiary
company between the end of the financial year or
of the last of the financial year of the subsidiary
and the end of the Company's financial year
(alongwith subsidiaries) - Nil Nil Nil
6 Material changes between the end of the financial
year or of the last of the financial year of the
subsidiary and the end of the Company's
financial year in respect of N/A
(i) Fixed Assets purchasesd (`) - N/A N/A N/A
(ii) Investment sold(`) - N/A N/A N/A
(iii) Moneys lent recovered(`) - N/A N/A N/A
(iv) Borrowings repaid(`) - N/A N/A N/A
*Note: - The details in respect of Giral Lignite Power Limited (GLPL), a wholly owned subsidiary of the company could not be given in the
above statement as the annual accounts of the said subsidiary company for the financial year 2011-12 and 2012-13 are under finalisation/
audit. The GLPL has also incurred loss of ` 85,09,51,547/- during the year 2009-10 also.The latest audited accounts of GLPL are available
as on 31.03.2011.For and on behalf of the Board of Directors
(A. K. JOSHI) (N.M. MATHUR)
Director (Finance) Chairman & Managing Director
(S.G.V.S. SUBRAHMANYAM) (A.K.C. BHANDARI)
Company Secretary Chief Controller of Accounts
42
Authorised Share Capital
10,00,00,00,000 (PY 10,00,00,00,000) 1,00,00,00,00,000 1,00,00,00,00,000
Equity Shares of ` 10/- each
Issued,Subscribed & Paid Up Share Capital
5,80,45,90,000 (PY 5,26,32,83,800) 54.600 58,04,59,00,000 52,63,28,38,000
Equity Shares of ` 10/- fully paid up
TOTAL 58,04,59,00,000 52,63,28,38,000
Note No. 1 : SHARE CAPITAL
(Amount in `)
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
II. NOTES ON FINANCIAL STATEMENTS
SHAREHOLDERS’ FUNDS
1.1 The Company has only one class of shares referred to as equity shares having a par value of ` 10/-. Each
holder of equity shares is entitled to one vote per share and dividend as and when declared by the
Company.
1.2 In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of
the remaining assets of the company, after the distribution of all preferential amounts.
1.3 Reconciliation of the number of Equity Shares
Particulars No. of Shares
2012-13 2011-12
At the beginning of the year 5,26,32,83,800 4,80,85,90,000
Add: Issued during the year 54,13,06,200 45,46,93,800
At the end of the year 5,80,45,90,000 5,26,32,83,800
1.4 The company is a Government Company with 100% share holding by the Government of Rajasthan &
its nominees. All shares are issued at par of value `10 each and are general equity share having equal
rights for dividend and vote.
43
a) Capital Reserve 56.200
Opening Balance 1 1
Add: Current Year Transfer - -
Less: Deduction During The Year - -
Closing Balance 1 1
b) Other Reserve Fund 56.600
Opening Balance 2,03,41,764 11,42,75,773
Add: Current Year Transfer - -
Less: Adjustment on account of 2,03,41,764 9,39,34,009
insurance of Fixed Assets
Closing Balance 2,03,41,764
c) Surplus 58.210
Opening balance (8,79,17,64,392) (5,48,91,87,311)
Add: Net Profit / (Loss) after tax (1,85,21,52,332) (3,30,25,77,081)
transferred from Statement of
Profit & Loss
Closing Balance (10,64,39,16,724) (8,79,17,64,392)
d) Deferred Revenue on account 56.300
of advance against depreciation
Opening Balance 6,90,51,81,413 6,91,02,74,572
Add: Current Year Transfer – –
Less: Transferred to Statement of – 50,93,159
Profit and Loss
Closing Balance 6,90,51,81,413 6,90,51,81,413
TOTAL (3,73,87,35,310) (1,86,62,41,214)
Note No. 2 : RESERVES & SURPLUS
(Amount in `)
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
44
3.1 The Company is to issue 16,10,00,000 (P.Y.6,63,06,200) shares to Government of Rajasthan at par
value of ` 10 each. The company has sufficient authorised Share Capital to cover the Share capital
amount resulting from allotment of shares out of such Share Application Money. The same has been
allotted on Dt 26.02.2014.
Opening Balance 54.700 66,30,62,000 -
Add: Received during the year 6,36,00,00,000 66,30,62,000
Less: Share Capital issued during the year 5,41,30,62,000 -
TOTAL 1,61,00,00,000 66,30,62,000
Note No. 3 : SHARE APPLICATION MONEY PENDING ALLOTMENT
(Amount in `)
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
B. Term Loans
i) From Banks
- Secured See Description Note (i) – 4,50,00,000
- Unsecured See Description Note (ii) 4,63,17,00,000 12,98,29,00,000
ii) From Others
- Secured See Description Note (iii) 1,10,68,08,24,399 98,85,58,51,707
- Unsecured See Description Note (iv) 4,30,96,93,460 6,41,45,37,137
TOTAL 1,19,62,22,17,859 1,18,29,82,88,844
NON-CURRENT LIABILITIES
Note No. 4 : LONG-TERM BORROWINGS
(Amount in `)
Particulars As at As at
31st March, 2013 31st March, 2012
45
(i) Oriental Bank of Commerce 53.596 2,37,50,000 11,87,50,000
(Repayable in remaining 1 quarterly
installment of ` 2,37,50,000 upto
15.04.2013, Secured against paripassu
charge on assest of STPS stage-II &
govt. guarantee & default escrow)
Sub Total (i) 2,37,50,000 11,87,50,000
(ii) Central Bank of India 53.580 2,12,50,000 10,62,50,000
(Repayable in remaining 1 quarterly
installment of ` 2,12,50,000 upto
15.04.2013, Secured against paripassu
charge on assest of STPS stage-II &
govt. guarantee)
Sub Total (ii) 2,12,50,000 10,62,50,000
(iii) Canara Bank 53.599 – 5,00,00,000
(This Loan has been repaid during the
Financial Year 2012-13)
Sub Total (iii) - 5,00,00,000
(iv) SBBJ 50.850 - 66,66,00,000
(This Loan has been repaid during the
Financial Year 2012-13)
Sub Total (iv) - 66,66,00,000
Grand Total (i to iv) 4,50,00,000 94,16,00,000
Less: Current Maturities (Carried to Note No.08)
Oriental Bank of Commerce 53.596 2,37,50,000 9,50,00,000
Central Bank of India 53.580 2,12,50,000 8,50,00,000
Canara Bank 53.599 - 5,00,00,000
SBBJ 50.850 - 66,66,00,000
4,50,00,000 89,66,00,000
TOTAL - 4,50,00,000
(i) Descriptive details of Term Loan from Banks-Secured Borrowings
(Amount in `)
S. Term Loan From Account As at As at
No. Code 31st March, 2013 31st March, 2012
46
(i) Central Bank of India *** 50.953 - 49,97,00,000
(This Loan has been repaid during the
Financial Year 2012-13)
(ii) Corporation Bank 50.988 66,66,00,000 1,00,00,00,000
(Repayable in remaining 2 half yearly
installments of ` 33,33,00,000 upto
25.01.2014)
(iii) Bank of Rajasthan 50.870
a. Term Loan-I *** 16,66,00,000 50,00,00,000
(Repayable in remaining 1 half yearly
installments of ` 16,66,00,000 upto
15.04.2013)
(iv) Oriental Bank of Commerce *** 50.970 - 12,50,00,000
(This Loan has been repaid during the
Financial Year 2012-13)
(v) Bank of Baroda 50.956 - 66,66,00,000
(This Loan has been repaid during the
Financial Year 2012-13)
(vi) Allahabad Bank 50.830
a. Term Loan I *** 93,30,00,000 1,46,66,00,000
(Repayable in remaining 7 quarterly
installments of ` 13,34,00,000 upto
31.12.2014)
b. Term Loan II *** 1,00,00,00,000 1,00,00,00,000
(Repayable in remaining 12 quarterly
installments of ` 8,34,00,000 upto
14.02.2016)
c. Term Loan III *** 1,75,00,00,000 1,75,00,00,000
(Repayable in remaining 12 quarterly
installments of ` 14,59,00,000 upto
29.03.2016)
(vii) Indian Bank 50.959
a. Term Loan II *** - 1,33,33,00,000
(This Loan has been repaid during the
Financial Year 2012-13)
(ii) Descriptive details of Term Loan from Banks-Unsecured Borrowings
(Amount in `)
S. Term Loan From Account As at As at
No. Code 31st March, 2013 31st March, 2012
47
(Amount in `)
S. Term Loan From Account As at As at
No. Code 31st March, 2013 31st March, 2012
b. Term Loan III *** 1,00,00,00,000 1,00,00,00,000
(Repayable in remaining 12 quarterly
installments of ` 8,34,00,000 upto
04.08.2016)
(viii) Andhra Bank 50.987
Term Loan I *** 1,13,32,00,000 1,70,00,00,000
(Repayable in remaining 8 quarterly
installments of ` 14,17,00,000 upto
15.01.2015)
(ix) Indian Overseas bank 50.990 66,66,00,000 1,00,00,00,000
a. Term Loan I ***
(Repayable in 2 half yearly install-
ments of ` 33,33,00,000 upto
15.01.2014)
b. Term Loan II *** 1,00,00,00,000 1,00,00,00,000
(Repayable in remaining 3 half yearly
installments of ` 33,33,00,000 upto
18.08.2014)
(x) United Bank of India *** 50.989 1,33,33,00,000 2,00,00,00,000
(Repayable in remaining 2 half yearly
installments of ` 66,66,00,000 upto
04.11.2013)
(xi) Bank of India 50.955 -
a. Term Loan II *** 1,33,33,00,000 2,00,00,00,000
(Repayable in remaining 2 half yearly
installments of ` 66,67,00,000 upto
29.11.2013)
b. Term Loan III *** 2,00,00,00,000 2,00,00,00,000
(Repayable in remaining 3 half yearly
installments of ` 66,67,00,000 upto
11.04.2014)
Total 12,98,26,00,000 19,04,12,00,000
Less: Current Maturities (Carried to Note No.08)
Central Bank of India 50.953 - 49,97,00,000
Corporation Bank Term Loan-III 50.988 66,66,00,000 33,33,00,000
Bank of Rajasthan Term Loan-I 50.870 16,66,00,000 33,34,00,000
Oriental Bank of Commerce 50.970 - 12,50,00,000
48
(Amount in `)
S. Term Loan From Account As at As at
No. Code 31st March, 2013 31st March, 2012
Bank of Baroda Term Loan-III 50.956 - 66,66,00,000
Allahabad Bank Term Loan-I 50.830 53,36,00,000 53,36,00,000
Allahabad Bank Term Loan-II 50.830 33,36,00,000 -
Allahabad Bank Term Loan-III 50.830 58,36,00,000 -
Indian Bank 50.959 16,68,00,000 -
Indian Bank 50.959 - 1,33,33,00,000
Andhara Bank Term loan-I 50.987 56,68,00,000 56,68,00,000
Indian Overseas bank Term Loan-I 50.990 66,66,00,000 33,33,00,000
Indian Overseas bank Term Loan-II 50.990 66,67,00,000 -
United Bank of India 50.989 1,33,33,00,000 66,66,00,000
Bank of India Term Loan-II 50.955 1,33,33,00,000 66,67,00,000
Bank of India Term Loan-III 50.955 1,33,34,00,000 -
Total 8,35,09,00,000 6,05,83,00,000
TOTAL 4,63,17,00,000 12,98,29,00,000
** Secured by Government Guarantee
*** Secured by Government Guarantee and Default Escrow
(i) LIC Loan 52.501
a. Term Loan II 16,09,99,996 21,46,66,663
(Repayable in remaining 3 yearly
installments of ` 5,36,66,667 upto
15.07.2015, Secured against charge on
Asset and Escrow Account)
b. Term Loan III 13,85,06,663 17,31,33,330
(Repayable in remaining 4 yearly
installments of ` 3,46,26,667 upto
15.07.2016, Secured against charge on
Asset and Escrow Account)
c. Term Loan IV 6,66,66,966 8,00,00,266
(Repayable in remaining 5 yearly
installments of ` 1,33,33,300 upto
15.07.2017, Secured against charge on
Asset and Escrow Account)
(iii) Descriptive details of Term Loan from Others-Secured Borrowings
(Amount in `)
S. Term Loan From Account As at As at
No. Code 31st March, 2013 31st March, 2012
49
(Amount in `)
S. Term Loan From Account As at As at
No. Code 31st March, 2013 31st March, 2012
d. Term Loan V 8,33,30,000 9,99,96,000
(Repayable in remaining 5 yearly
installments of ` 1,66,66,000 upto
15.01.2018, Secured against charge on
Asset and Escrow Account)
Sub Total (i) 44,95,03,625 56,77,96,259
(ii) REC Loan 53.300 6,35,81,32,968 5,05,41,00,001
(Repayable in remaining 59 quarterly
installments of ` 11,59,70,085 upto
31.12.2027, Secured against Paripassu
charge on Asset and Default Escrow)
Sub Total (ii) 6,35,81,32,968 5,05,41,00,001
(iii) PFC Loan 53.550
a. Term Loan I 4,16,13,90,603 4,80,16,04,545
(Repayable in remaining 26 quarterly
installments of ` 16,00,53,485 upto
15.07.2019, Default Escrow and
Hypothecation of Assets)
b. Term Loan II 10,75,51,22,700 11,69,03,50,761
(Repayable in remaining 46 quarterly
installments of ` 23,38,07,015 upto
15.07.2024, Default Escrow and
Hypothecation of Assets)
c. Term Loan III 3,38,10,00,002 3,67,49,99,995
(Repayable in remaining 46 quarterly
installments of ` 7,35,00,000 upto
15.07.2024, Default Escrow and
Hypothecation of Assets)
d. Term Loan IV 4,69,99,99,990 5,09,99,99,997
(Repayable in remaining 47 quarterly
installments of ` 10,00,00,000 upto
15.10.2024, Default Escrow and
Hypothecation of Assets)
e. Term Loan V 4,68,34,45,955 5,09,97,52,261
(Repayable in remaining 45 quarterly
installments of ` 10,40,76,576 upto
15.04.2024, Default Escrow and
Hypothecation of Assets)
f. Term Loan VI 3,74,42,20,710 4,06,98,05,120
(Repayable in remaining 46 quarterly
installments of ` 8,13,96,102 upto
15.07.2024, Default Escrow and
Hypothecation of Assets)
50
(Amount in `)
S. Term Loan From Account As at As at
No. Code 31st March, 2013 31st March, 2012
g. Term Loan VII 59,39,27,51,607 43,33,58,93,581
(Repayable in remaining 60 quarterly
installments of ` 1,02,97,33,333 upto
15.01.2028, Default Escrow and
Hypothecation of Assets)
h. Term Loan VIII 10,65,00,00,000 10,65,00,00,000
(Repayable in remaining 60 quarterly
installments of ` 17,75,00,000 upto
15.10.2027, Default Escrow and
Hypothecation of Assets)
i. Term Loan IX 2,70,66,50,817 2,93,70,04,078
(Repayable in remaining 47 quarterly
installments of ` 5,75,88,315 upto
15.10.2024, Default Escrow and
Hypothecation of Assets)
j. Term Loan X 98,34,48,274 1,06,89,65,516
(Repayable in remaining 46 quarterly
installments of ` 2,13,79,310 upto
15.07.2024, Default Escrow and
Hypothecation of Assets)
k. Term Loan XI 5,07,00,00,000 4,62,89,08,772
(Repayable in remaining 60 quarterly
installments of ` 8,45,00,000 upto
15.10.2027, Default Escrow and
Hypothecation of Assets)
l. Term Loan XII 40,00,00,000 -
(Repayable in 60 quarterly installments
of ` 88,33,333 upto 15.07.2030,
Default Escrow and Hypothecation of
Assets)
Sub Total (iii) 1,10,62,80,30,658 97,05,72,84,626
Total (i+ii+iii) 1,17,43,56,67,251 1,02,67,91,80,886
Less: Current Maturities (Carried to Note No.08)
LIC Loans 52.501 11,82,92,634 11,82,92,634
REC Loans 53.300 46,38,80,340 11,58,33,333
PFC Loans 53.550 6,17,26,69,878 3,58,92,03,212
6,75,48,42,852 3,82,33,29,179
GRAND TOTAL 1,10,68,08,24,399 98,85,58,51,707
51
(iv) Descriptive details of Term Loan from Others-Unsecured Borrowings
(Amount in `)
S. Term Loan From Account As at As at
No. Code 31st March, 2013 31st March, 2012
(i) PFC Loan *** 53.550
a. Term Loan I 10,00,00,000 50,00,00,000
(Repayable in remaining 1 quarterly
installments of ` 10,00,00,000 upto
15.04.2013)
b. Term Loan II 9,99,99,997 49,99,99,996
(Repayable in remaining 1 quarterly
installments of ` 10,00,00,000 upto
15.04.2013)
c. Term Loan III 2,87,50,000 14,37,50,000
(Repayable in remaining 1 quarterly
installments of ` 2,87,50,000 upto
15.04.2013)
d. Term Loan IV 28,91,68,825 67,47,27,257
(Repayable in remaining 3 quarterly
installments of ` 9,63,89,609 upto
15.10.2013)
e. Term Loan V 38,88,22,323 77,76,44,649
(Repayable in remaining 4 quarterly
installments of ` 9,72,05,581 upto
15.01.2014)
f. Term Loan VII 3,80,13,081 5,32,18,313
(Repayable in remaining 10 quarterly
installments of ` 38,01,308 upto
15.07.2015)
Sub Total (i) 94,47,54,226 2,64,93,40,215
(ii) HUDCO Loan 50.820
a. Term Loan I ** 8,20,00,000 19,00,00,000
(Repayable in remaining 3 quarterly
installments of ` 2,70,00,000 upto
31.12.2013 )
b. Term Loan II *** 1,70,00,00,000 2,00,00,00,000
(Repayable in remaining 17 quarterly
installments of ` 10,00,00,000 upto
31.05.2017 )
Sub Total (ii) 1,78,20,00,000 2,19,00,00,000
(iii) World Bank Loan 53.598
a. Cash Loan 15,30,287 17,03,345
(Repayable in remaining 88 monthly
installments of ` 17,306 upto
15.02.2022)
52
(Amount in `)
S. Term Loan From Account As at As at
No. Code 31st March, 2013 31st March, 2012
b. PPF Advance 55,52,627 62,76,866
(Repayable in remaining 77 monthly
installments of ` 72,424 upto
15.12.2020 )
Sub Total (iii) 70,82,914 79,80,211
(iv) State Govt. Loan (13.75%) 54.200 1,38,07,00,000 1,38,07,00,000
Terms of repayment of such loan shall
be decided by the Govt. of Rajasthan
Sub Total (iv) 1,38,07,00,000 1,38,07,00,000
(v) National Capital Region 53.551 80,00,00,000 1,00,00,00,000
Planning Board***
(Repayable in remaining 5 Yearly
installments of ` 20,00,00,000 upto
19.03.2017 )
Sub Total (v) 80,00,00,000 1,00,00,00,000
(vi) REC Loan *** 50.983 1,50,00,00,000 1,50,00,00,000
(Repayable in remaining 3 half Yearly
installments of ` 50,00,00,000 upto
15.10.2014 )
Sub Total (vi) 1,50,00,00,000 1,50,00,00,000
Total (i to vi) 6,41,45,37,140 8,72,80,20,426
Less: Current Maturities (Carried to Note No.08)
National Capital Region Planning Board 53.551 20,00,00,000 20,00,00,000
World Bank Loan Cash Loan 53.598 1,73,058 1,73,058
PFC Loan 53.550 92,19,46,383 1,70,45,85,992
REC Loan 50.983 50,00,00,000 -
World Bank Loan PPF Advance 53.598 7,24,239 7,24,239
HUDCO Loan 50.820 48,20,00,000 40,80,00,000
2,10,48,43,680 2,31,34,83,289
TOTAL 4,30,96,93,460 6,41,45,37,137
** Secured by Government Guarantee
*** Secured by Government Guarantee and Default Escrow
53
Trade Payables - -Others
Security Deposits from Contractors 46.101 - 46.916 9,40,37,273 8,13,04,703
Retention Money 46.104 & 46.124 5,83,91,26,382 4,05,25,10,189
Misc Deposits - Others 46.968 15,53,71,700 8,70,72,970
TOTAL 6,08,85,35,355 4,22,08,87,862
Note No. 5 : OTHER LONG TERM LIABILITIES(Amount in `)
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
Other Loans and Advance - Unsecured
From Others - PFC 50.600 5,00,00,00,000 3,75,38,72,518
TOTAL 5,00,00,00,000 3,75,38,72,518
CURRENT LIABILITIES
Note No. 6 : SHORT-TERM BORROWINGS(Amount in `)
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
Trade PayablesDue to Micro & Small Enterprises*Others
- Liab.to Railways for Coal Receipts 40.110-40.180 68,72,37,348 95,72,43,282
- Retention on A/c of inferior grade of Coal 40.230 - -
- Coal supplier account 40.240 6,50,83,43,741 1,89,30,61,199
- Gas related cost 40.630 64,45,61,400 15,27,31,565
- Oil Supplier account 40.420, 620 3,34,43,196 22,90,359
- Other Fuel related liability 40.310-40.330 10,36,998 10,36,998
TOTAL 7,87,46,22,683 3,00,63,63,403
Note No. 7 : TRADE PAYABLES(Amount in `)
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
*In view of multiplicity and difficulty in identification of accounts relating to small scale industrial undertaking,
information for determining the particulars relating to current indebtedness to such undertaking as required
under Micro, Small and Medium Enterprises Development Act, 2006, is not readily available.
54
Current maturities of long-term debt (Refer Note No. 8.1) 17,25,55,86,532 13,09,17,12,468
Interest accrued but not due on term loan 46.710 2,86,83,10,915 2,43,68,96,954
Int. accured but not due on WCL loans 46.720 5,58,55,479 5,21,49,478
Income received in Advance 46.917 22,13,936 –
Other Payables
-Security Deposits from Contractors 46.101 - 46.916 45,44,51,343 43,12,23,484
-Security Deposits from Employees 46.920 3,12,438 3,12,438
-Earnest Money Deposits 46.103 & 46.123 14,88,32,496 34,99,99,097
-Retention Money 46.124 & 46.104 94,54,99,706 2,33,98,08,575
-Other Deposits 46.1XX 5,80,01,93,187 4,50,02,85,814
-Liabilities for Capital Works/Supplies 42XXX 3,33,05,96,805 1,36,72,24,741
-Liabilities for O&M Works/Supplies 43XXX 99,50,74,225 82,93,96,930
-Statutory Liabilities 46.230-46.390 5,54,66,482 51,45,86,824
-Staff related liabilities 44XXX 11,62,34,612 9,77,81,575
-Due for Expenses 46.410 8,23,96,270 7,93,55,227
-Amount payable to related parties
(Refer Note No. 8.2) 46.971-73 & 46.981-84 49,25,41,200 55,01,55,203
-Prov.for Coal related cost 40.641 1,70,77,715 39,19,077
-Prov. For Liab. For Expenses 46.430 1,36,66,71,133 70,75,20,076
-Prov. For doubtful old balances-others 46.965 40,26,521 40,26,521
-Sundry Liabilities 16,30,67,193 88,46,75,207
TOTAL 34,15,44,08,188 28,24,10,29,689
Note No. 8 : OTHER CURRENT LIABILITIES(Amount in `)
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
55
Amount Payable to AVVN 46.983 99,88,528 99,88,528
Amount Payable to JdVVN 46.984 7,61,34,377 7,15,61,229
Amount Payable to JVVN 46.982 16,57,54,070 16,52,06,665
Amount Payable to RVPNL 46.981 24,02,42,770 30,29,53,967
Payable to Subsidiaries Companies 46.971-73 4,21,455 4,44,814
TOTAL 49,25,41,200 55,01,55,203
8.2 : Amount Payable to Related Parties(Amount in
`
)
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
8.3 Staff related liabilities and Loans and advances to staff are under Reconciliation/ Adjustment.
8.4 Provision for liability for expenses/creation of prepaid expenses is not generally made for small / petty
amounts.
Provisions for Employee Benefits
Gratuity 44.110 1,13,77,67,287 1,50,50,70,231
Pension 44.120 1,74,70,58,121 2,51,07,00,697
Ex-gratia 44.140 31,69,583 30,55,938
TOTAL 2,88,79,94,991 4,01,88,26,866
Note No. 9 : SHORT TERM PROVISIONS(Amount in
`
)
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
9.1 The provision for ex-gratia has been created on ad-hoc basis.
Term Loan from Banks - Secured Borrowings 4,50,00,000 89,66,00,000
Term Loan from Banks - Unsecured Borrowings 8,35,09,00,000 6,05,83,00,000
Term Loan from others - Secured Borrowings 6,75,48,42,852 3,82,33,29,179
Term Loan from others - Unsecured Borrowings 2,10,48,43,680 2,31,34,83,289
Total 17,25,55,86,532 13,09,17,12,468
8.1 : Descriptive details for Current Maturity of Long Term Debts (carried from Note No. 4)(Amount in
`
)
Particulars As at As at
31st March, 2013 31st March, 2012
56
Non-C
urr
ent
Assets
Note
No.
10
: F
IXE
D A
SS
ETS
(Am
ount
in `
)
GR
OS
S B
LO
CK
AC
CU
MU
LA
TE
D D
EP
RE
CIA
TIO
N N
ET B
LO
CK
S.
Part
icu
lars
Co
de
Bala
nce
Ad
ditio
ns/
Ded
uct
ion
sB
ala
nce
Co
de
Bala
nce
Ad
ditio
ns
Ded
uct
ion
sB
ala
nce
Bala
nce
Bala
nce
No.
as
on
(Dis
po
sals
)as
at
as
on
as
at
as
at
as
at
1.0
4.2
01
23
1.0
3.2
01
31
.04
.20
12
31
.03
.20
13
31
.03
.20
13
31
.03
.20
12
Tangib
le A
ssest
s
1.
Lan
d &
Rig
hts
10
.1X
X 1
2.1
00
Fre
e hold
1,0
8,7
8,2
0,9
35
1,1
7,4
4,7
04
- 1
,09,9
5,6
5,6
39
- -
- -
1,0
9,9
5,6
5,6
39
1,0
8,7
8,2
0,9
35
Lea
se h
old
3,1
3,1
6,5
51
- -
3,1
3,1
6,5
51
33,8
6,9
50
6,9
6,8
28
- 4
0,8
3,7
78
2,7
2,3
2,7
73
2,7
9,2
9,6
01
2.
Bu
ildin
gs1
0.2
XX
11,2
6,5
8,6
1,6
72
2,1
6,7
7,6
16
- 1
1,2
8,7
5,3
9,2
88
12.2
00
3,0
5,9
5,5
8,8
10
32,4
6,5
7,4
74
- 3
,38,4
2,1
6,2
84
7,9
0,3
3,2
3,0
04
8,2
0,6
3,0
2,8
62
-
3. H
ydra
ulic
wo
rks
10
.3X
X 4
,06,3
3,1
8,4
95
28,2
4,1
70
- 4
,06,6
1,4
2,6
65
12.3
00
1,4
9,5
2,5
8,2
18
18,5
5,5
6,5
30
- 1
,68,0
8,1
4,7
48
2,3
8,5
3,2
7,9
16
2,5
6,8
0,6
0,2
76
-
4.
Oth
er C
ivil
Wo
rks
10
.4X
X 1
,76,8
0,7
5,6
55
6,3
4,7
3,4
42
- 1
,83,1
5,4
9,0
97
12.4
00
48,1
4,7
1,4
55
6,2
2,0
4,8
02
- 5
4,3
6,7
6,2
57
1,2
8,7
8,7
2,8
40
1,2
8,6
6,0
4,2
00
- -
5.
Pla
nt
& M
achin
ery
10
.5X
X 1
,06,4
3,6
3,8
0,7
39
73,1
2,7
3,8
12
- 1
,07,1
6,7
6,5
4,5
51
12.5
00
32,6
1,3
6,3
0,7
77
5,7
3,3
1,5
7,3
26
- 3
8,3
4,6
7,8
8,1
03
68,8
2,0
8,6
6,4
48
73,8
2,2
7,4
9,9
62
- -
6. L
ines
& C
able
Net
Wo
rk1
0.6
XX
91,8
6,5
9,2
14
2,9
8,5
98
- 9
1,8
9,5
7,8
12
12.6
00
39,6
9,4
6,7
60
4,1
2,1
7,3
44
- 4
3,8
1,6
4,1
04
48,0
7,9
3,7
08
52,1
7,1
2,4
54
- -
7.
Veh
icle
s1
0.7
XX
4,8
7,3
3,0
00
5,8
9,2
89
- 4
,93,2
2,2
89
12.7
00
4,0
5,0
0,2
44
5,4
1,1
01
- 4
,10,4
1,3
45
82,8
0,9
43
82,3
2,7
55
- -
8.
Furn
itu
re &
Fix
ture
s1
0.8
XX
4,1
7,8
0,0
76
1,0
5,2
5,0
85
- 5
,23,0
5,1
61
12.8
00
1,5
3,5
8,0
84
22,4
4,4
15
- 1
,76,0
2,4
99
3,4
7,0
2,6
63
2,6
4,2
1,9
93
- -
9. O
ffic
e E
quip
men
ts1
0.9
XX
8,3
3,6
0,2
84
1,3
9,3
9,9
88
- 9
,73,0
0,2
72
12.9
00
3,1
3,7
9,8
13
93,6
8,3
54
- 4
,07,4
8,1
67
5,6
5,5
2,1
05
5,1
9,8
0,4
71
Tota
l (i)
1,2
5,7
4,5
3,0
6,6
21
85,6
3,4
6,7
04
- 1
,26,6
0,1
6,5
3,3
25
38,1
3,7
4,9
1,1
12
6,3
5,9
6,4
4,1
74
- 4
4,4
9,7
1,3
5,2
86
82,1
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87,6
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10
. C
apita
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ares
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.30
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,33,9
4,6
6,9
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12.9
60
70,3
2,1
4,4
33
1,9
9,8
3,9
22
- 7
2,3
1,9
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55
61,6
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55
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61
Gen
eratin
g S
tatio
ns
11
. P
rov.
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r lo
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ix A
ss -
- -
- 4
6.9
64
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92
- -
62,0
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4,1
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92)
(62,0
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pen
din
g in
vstg
. (i
ii)
(Ref
er N
ote
No.
10
.1)
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nd T
ota
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,27
,06
,93
,22
,51
5 8
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,94
,11
,20
,23
5 3
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- 4
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3,9
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82
,10
,03
,76
,30
2 8
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0,8
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6,6
78
Pre
vious
Year
1,1
2,4
8,0
6,4
2,7
29
14
,58
,86
,79
,78
6 -
1,2
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6,9
3,2
2,5
15
33
,68
,52
,21
,26
1 5
,77
,58
,94
,57
6 -
39
,46
,11
,15
,83
7 8
7,6
0,8
2,0
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78
78
,79
,54
,21
,46
8
57
10.1 The Fixed Assets of the company includes net assets amounting ` 62,04,10,292/- appearing as on 01-
04-2008, accounted for in the books of HQ. These assets were transferred by the State Govt. under the
transfer scheme. Details of these assets like situation and location are not available due to which provision
for the above amount has already been made in the books of accounts in the year 2008-09. Final
adjustment of these assets is under process
10.2. Land and rights (free hold/lease hold) have been acquired pursuant to Power Sector Reform Scheme as
such the title deeds pertaining to some assets in the name of erstwhile RSEB have been continued.
10.3. The title of land on which road leading to STPS is built Valuing ` 78,04,981/- does not vest with RVUN
10.4. The company has taken certain assets on lease, the original cost of which is ` 5,27,25,07,180/-. Lease
rental on such assets are paid as per terms of lease agreements with lessors i.e. Banks
10.5. The land on which the Rest House and Residential Colony are developed for GLTPP in Barmer city
stands owned by RRVPNL and Jd.VVNL respectively.
10.6. The land on which the Rest House and Residential Colony are developed at DCCPP in city stands
owned by RRVPNL.
10.7. Title deed in respect of Giral Unit-I project amounting to ` 43,38,944/- is yet to be transferred/executed
in favour of GLPL (subsidiary of RVUN).
10.8. The RVUNL (Thermal Design wing) has shared the construction cost of the new ‘RERC Building’ situated
at Lal Kothi campus, Sahkar Marg, Jaipur, constructed by RVPNL. The cost portion on the part of
RVUNL works out ` 3,27,70,000/-. Further RVUNL has agreed to pay monthly lease rent of
` 1,05,000/- over a period of 20 years (term period of lease). The capital cost appearing in the books of
RVUNL shall also be amortised equally over the period of lease.
10.9. Out of total land acquired for DCCPP, land measuring 200.01 Bigha has not yet allotted in the favour of
the Company.
Capital Work In Progress 14-15XXX 97,73,25,74,047 74,35,03,64,013
Capital Inventory and Stores:
Stock of material at const.stores 3,47,74,420 3,93,37,445
Less: Prov. for O&M & Capital Stores 22.910 (79,33,254) (79,33,254)
TOTAL 97,75,94,15,213 74,38,17,68,204
Note No. 11 : FIXED ASSETS-CAPITAL WORK IN PROGRESS(Amount in `)
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
58
Other Investment - Unquoted (At Cost)
Investment in Shares of Subsidiary Companies 20.270
Dholpur Gas Power Limited 5,00,000 5,00,000(50,000 equity shares of ` 10/- each )
Giral Lignite Power Limited 5,00,000 5,00,000(50,000 equity shares of ` 10/- each )
Chhabra Power Limited 5,00,000 5,00,000(50,000 equity shares of ` 10/- each )
Parsa Kente Collieries Ltd 1 1(50,000 equity shares of ` 10/- each )
Rajasthan State Coal Mining Company Limited 5,00,000 -(50,000 equity shares of ` 10/- each )
TOTAL 20,00,001 15,00,001
Note No. 12 : NON-CURRENT INVESTMENTS(Amount in `)
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
12.1 The Company had entered (3rd August 2007) a Joint Venture (J.V.) Agreement with M/s Adani Enterprises
Ltd.(AEL) under which a separate Company (PKCL) was formed in which ratio of equity capital of
RVUN Ltd. and AEL was fixed at 26:74 respectively. Accordingly, 13, 00,000 equity shares of PKCL
were issued (March 2008) to the Company, free of cost, representing 26 percent voting rights in PKCL.
The company was recorded these shares in the form of investment at notional value of ̀ 1/- in the books
of accounts in the Year 2009-10. Further under JV Agreement, Company handed over its Coal mines
located in the State of Chhattisgarh (Parsa East & Kanta Basin Coal Blocks) to PKCL in the year 2008-
09, free of cost, for prospecting, exploration and coal mining over it for a period of 30 years from
commencement of supply of coal from the Coal Blocks. The work relating to mining has been started
w.e.f. 25.03.2013.
Note No. 13 : DEFERRED TAX ASSETS
No provision for deferred tax assets / liability pursuant to AS-22 “Accounting for Taxes on Income” has
been made by the company as there is no virtual certainity supported by convincing evidence that there shall be
any future tax liability against which the provisions can be adjusted. Therefore it has been considered that no
provision be made pursuant to AS-22.
59
Unsecured & Considered Good
Advance to Suppliers & Contractors 25.XXX 12,31,41,95,208 8,64,55,08,498for Capital Goods(Refer Note No. 14.1)
Less: Provision for doubtful advances 25.910 (19,60,92,732) (19,60,92,732)
12,11,81,02,476 8,44,94,15,766
Receivables from Subsidiary 28.931-28.933 4,56,24,98,040 4,56,24,98,040Companies (GIRAL LPL)(Refer Note No. 14.2)
TOTAL 16,68,06,00,516 13,01,19,13,806
Note No. 14 : LONG TERM LOANS AND ADVANCES(Amount in `)
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
14.1 The Board of Directors of the company in its 154th meeting held on 05-03-2009 decided to refund to
BHEL ̀ 59,82,58,021/- the equivalent amount of WCT deducted from their bills subject on the condition
that the BHEL shall promptly refund entire amount including interest, if any, to the RVUN within seven
days from the date of receipt of the same by BHEL from the commercial taxes department. Till such time
the same has been shown as Advance receivable from BHEL.
14.2 The Board of Directors of RVUNL in its 149th and 150th meeting held on 8th October, 2008 and
7th November, 2008, respectively accorded approval to transfer the business of its 1x125 MW Unit-1
(Stage-I) of Giral Lignite Thermal Power Project situated at Giral in District Barmer, Rajasthan to Giral
Lignite Power Limited (GLPL), a wholly owned subsidiary of the Company on a ‘going concern basis’
along with all its assets & liabilities on book value, at such consideration, being not lower than the net
book value, to be issued in the form of equity shares in the said subsidiary company (GLPL) to RVUN,
with effect from 1st January, 2009 (to be considered as effective date of transfer). Accordingly all the
assets & liabilities of GLTPP has been transferred to GLPL w.e.f 1st January, 2009. The consideration for
the above transfer to be received in the form of equity shares in GLPL for the amount of “Net Book Value
of Assets transferred” and other transactions shall be treated as Debtors/Creditors as the case may be. An
agreement for the purpose has also been approved by the Board of Directors of RVUN.
60
Deferred Revenue Exp. not yet written-off 17.222 2,94,80,220 6,94,75,524
Preliminary Exp. not yet written-off 17.225 29,72,877 23,75,351
Exp.on survey /Projects not yet sanctioned 17.300 52,74,802 75,01,310
Prepaid Expenditure 28.820 2,01,650 36,73,770
Other Receivables
Security Deposit with Lessor 28.890 1,55,83,500 41,55,83,500
Subvention Receivable From State Govt. 28.624 2,34,65,87,384 2,53,64,33,384
Less:- Current Maturity(Carried to Note No.20) (18,98,46,000) (18,98,46,000)
TOTAL 2,21,02,54,433 2,84,51,96,839
Note No. 15 : OTHER NON-CURRENT ASSETS(Amount in `)
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
15.1. As per the final FRP approved by GOR in Nov, 2005, it has been provided that subvention receivable
from State Govt. ` 4,91,87,29,384/- will be discharged by State Govt. through adjustments against
dividends and interest on Govt. loans payable to State Govt. From the year 2006-07, accounting treatment
for interest payable to the State Govt. on State Govt. loan has been made by way of adjustment against
deferred subvention receivable from the State Govt. as per the directions issued by the State Govt. Till
2005-06 it was treated as income on account of interest subsidy as per sanction issued by the State Govt.
However, as per the directions issued by the State Government, the interest subsidy treated as income in
previous years till 2005-06, has been adjusted against deferred subvention receivable in the books.
During the year the interest subsidy has been adjusted ` 18,98,46,000/-. Thus the closing balance as on
31.3.2013 of the subvention receivable from the State Govt. as mentioned above after adjustment is
` 2,34,65,87,384/-.
15.2. The ownership of leased assets of the following firms have not been transferred in the favour of the
company after expiry of lease agreements due to pending litigation in the court or in absence of power of
attorney. The security deposit equivalent to residual value of the lease assets have already been deposited
with lessors except M/s. ICICI Ltd. for which payment will be made. The details are as under :-
(Amount in `)
S.No. Name of Lessor Lease Value Residual Value
1. ICICI Ltd 84,00,00,000 84,00,000
2. Indo Nissan Oxo Chemical Ltd 6,23,34,000 1,55,83,500
Total 90,23,34,000 2,39,83,500
61
Coal Stock 21.101 6,15,67,14,571 2,01,92,24,640
Oil Stock 21.105 52,21,17,226 31,68,31,790
Coal in transit 21.121 44,52,92,757 64,36,58,086
Coal Stock in Transit lying with Third party 21.122 12,37,66,645 11,76,00,617
Stores & Spares 22.621-22.690 1,42,87,21,818 1,32,36,99,429
Stock shortage pending investigation 22.710-22.830 23,56,077 23,56,077 (Refer Note No.16.1)
Less: Prov.For Loss on Obsol.Stock 46.963 (11,826) (11,826)
TOTAL 8,67,89,57,268 4,42,33,58,813
Note No. 16 : INVENTORIES(Amount in ` )
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
16.1 In the year 2006-07 a theft of stores occurred in SSTPS site at Suratgarh. FIR lodged with the local police
for theft of stores valued for ` 23,00,516/-. Out of the theft, material of ` 20,00,000/- (approx) has been
recovered and lying in the police custody. Efforts have been made by the authorities of SSTPS to get
back the recovered items from the police. Final Report in the matter is under investigation. Accounting
treatment shall only be possible and be carried out after finalisation of investigation. However till such
time the material has been reduced from the normal stock and transferred to the code head 22.830
“Stock shortage pending Investigation”.
16.2. The internal audit of financial accounts and physical verification of stock & spares of the power stations
of RVUNL was carried out by the external auditors M/s. Shyam L. Agarwal & Co., Chartered Accountants.
The physical verification report reflected short items ̀ 22,22,354/- excess items ̀ 1,59,592/- non moving
items ` 13,14,71,113/- and damages ` 65,557/-. The accounting adjustment towards discrepancies as
observed in the report for the year 2012-13 shall be made upon verification/reconciliation of the same if
required.
Debts outstanding for a periodexceeding six months fromDue Date of Payment
Secured, considered good - -
Unsecured, considered good - -
Doubtful - -
Other Debts
Secured, considered good - -
Unsecured, considered Good 15,55,81,10,215 22,89,00,48,426
Doubtful - -
TOTAL 15,55,81,10,215 22,89,00,48,426
Note No. 17 : TRADE RECEIVABLES(Amount in `)
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
CURRENT ASSETS
62
Receivables against sale of power-JVVNL 23.802 8,72,94,83,713 9,79,81,89,652
Receivables against sale of power-AVVNL 23.803 2,28,10,06,096 5,49,15,80,856
Receivables against sale of power-JD.VVNL 23.804 4,54,76,20,406 7,60,02,77,918
Total 15,55,81,10,215 22,89,00,48,426
17.1 Details of Trade Receivables(Amount in ` )
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
17.2 In respect of Inter Company transactions with other successor Companies of erstwhile RSEB, no interest/
surcharge has been charged/paid by the Company during the year.
17.3 The Inter Company transaction in respect of Jd VVNL, JVVNL, AVVNL & RVPN have been reconciled
up to 2006- 07, 2011-12, 2010-11 & 2011-12, respectively.
Balances with banks
-Balances with Banks 24.300-24.491 1,68,92,66,853 84,02,20,464
-With Public Deposit Accounts 24.451-24.452 1,61,00,30,000 66,30,92,000
Cash on hand 24.110 3,76,712 5,22,003
Others-Remittances in Transit 24.501-24.652 26,14,503 27,59,657
-Cash Imprest with Staff 24.210 & 24.220 16,688 16,118
-FDR with Scheduled banks 20.280 10,73,35,000 9,98,90,000
TOTAL 3,40,96,39,756 1,60,65,00,242
Note No. 18 : CASH AND BANK BALANCES(Amount in `)
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
18.1 Cash and Cash equivalents as at 31.03.2013 and 31.03.2012 include restricted Bank Balances of
` 10,73,35,000/- and ` 9,98,90,000/- respectively. The restriction are primarily on account of cash and
bank balances held as margin money deposits against Bank Guarantee and Letter of Credit.
63
Un-secured & Considered good
Loans & Advances to Empolyees 27.100-27.209 12,75,684 7,43,700
Less: Provision for doubtful advances 27.910 (17,629) (17,629)
12,58,055 7,26,071
FBT Receivable 27.411 29,99,181 29,99,181
Advances for O&M Supplies 26.1XX-26.7XX 1,26,61,39,379 3,16,06,04,080
Advances for Fuel Supply 26.8XX-26.805 13,52,72,169 30,28,15,543
Loans & Advances to Other Parties 27.801-27.805 46,23,757 6,79,613
Deferred Sale Consideration (Lease) (Refer Note No. 19.1) 28.101 3,29,62,973 3,29,62,973
TOTAL 1,44,32,55,514 3,50,07,87,461
Note No. 19 : SHORT TERM LOANS & ADVANCES(Amount in `)
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
19.1 No credit has been taken in the accounts for interest payable on defaulted installment’s of sale consideration
by lease finance Companies, since as per specific provision in the agreements. Consequential action has
been taken by the Company by way of with-holding payments of lease rentals on occurrence of defaults.
Interest Accrued & Due 28.290 1,77,78,589 1,77,64,942
Interest Accrued but not due 28.31X-28.363 1,65,77,364 1,25,80,815
Less: Provision for doubtful debts 28.900 (1,81,46,501) (1,81,46,501)
Others:
Deferred Rev.Exp.not yet written-off 17.222 3,99,95,304 6,67,03,282
Inter Unit Accounts(Refer Note No. 20.1) 30.X-38.X 2,72,38,513 2,72,38,513
Less: Prov. For old Inter Unit Balances 35.101 (2,72,38,513) -
Prepaid Expenses 28.820 26,45,12,734 10,72,56,786
Amt Recoverable from Employees 28.401 1,48,876 (974)
Fuel Related Receivables & Claims 28.513-28.514, 56,53,12,720 46,07,08,52628.554
Subvention Receivable From State Govt. 28.624 18,98,46,000 18,98,46,000
Income from Investment 27.421 3,902 3,902
Receivables from Subsidiary Companies 28.931 2,41,24,40,372 1,58,13,23,900(GIRAL LPL)
Other Claims 28.721-28.790 17,915 2,63,795
Other Receivables 28.810,28.811, 16,80,72,264 17,02,72,285(Refer Note No. 20.2) 28.890
Less: Provision for doubtful advances 28.910 (3,80,83,142) (19,700)
Deposits 28.914-28.919 8,38,58,151 8,38,51,926
TOTAL 3,70,23,34,548 2,69,96,47,498
Note No. 20 : OTHER CURRENT ASSETS(Amount in `)
Particulars Account As at As at
Code 31st March, 2013 31st March, 2012
64
20.1 The Inter Unit Transactions upto 31-03-2013 have also been reconciled and transactions of the current
year in respect of Inter Company are in the process of reconciliation.
20.2 Other receivable includes an excess amount of ` 35,72,188/- had been paid by STPS (Const.) unit to
Govt. for acquisition of Land. This amount was to be recovered from the payment to be made by
Transmission Company to Govt.
20.3 Lenders for GLPL i.e PFC and banks are agreed in principle for transfer of their loan to GLPL. However
tripartite agreement is still to be executed. It has also been agreed between RVUN and GLPL that RVUN
shall meet out the financial/contractual commitments (including debt servicing) regarding loans availed
from the financial institutions. Expenditure, if any, incurred by RVUN in this regard shall be reimbursed
by GLPL.
20.4 During the year 2006-07 the Mining Department recovered an amount of ` 7,60,000/- by seizing our
Bank Account at DCCPP, Dholpur, against penalty of Royalty not deposited. This royalty amount was
` 76,000/- against which ten times penalty was recovered. The liability to pay the royalty lied with the
contractor M/s. D.K.Sharma. The matter is still under correspondence with the department for getting
the refund of the ceased amount.
Sale of Power 61.410 87,81,44,51,437 83,21,77,71,416
Add: Advance against Depreciation Deferred 61.940 - 50,93,159
Less : Trial Run Revenue (Infirm Power) 61.950 - (65,57,05,386)
TOTAL 87,81,44,51,437 82,56,71,59,189
Note No. 21 : REVENUE FROM OPERATIONS(Amount in ` )
Particulars Account For the year ended For the year ended
Code 31st March, 2013 31st March, 2012
21.1 The Discoms namely JVVNL, JDVVNL, AVVNL are not admitting the Mvarh charges claimed by RVUNL
in its monthly energy bills. The total of such claim is ` 1,19,57,02,603/- including ` 24,50,75,037/- for
the year 2012-13. Due to non verification/ confirmation, accounting of such claim to the above extent
has not been recognized in the books of relevant year of RVUNL.
65
Interest Income:-
Interest subsidies received from Govt. 63.21X 2,94,810 3,27,793
Interest on Loans and Advances 62.21X-62.21X 2,82,421 1,81,39,701to Staff
Interest Income from Investments/ 62.22X-62.26X 67,90,225 63,72,342Deposits
Other Non Operating Income:-
Miscellaneous Receipts (Rebate) 62.9XX 40,94,90,893 69,34,30,660
Sale of Scrap 62.3X 3,53,94,951 2,47,16,431
TOTAL 45,22,53,300 74,29,86,927
Note No. 22 : OTHER INCOME(Amount in ` )
Particulars Account For the year ended For the year ended
Code 31st March, 2013 31st March, 2012
Generation & Other Direct Expenses 71.xxx,72.xxx 71,65,84,08,038 68,62,18,95,133
(Refer Note No. 23.1)
TOTAL 71,65,84,08,038 68,62,18,95,133
Note No. 23 : GENERATION & OTHER DIRECT EXPENSES(Amount in `)
Particulars Account For the year ended For the year ended
Code 31st March, 2013 31st March, 2012
A. Fuel consumption
Cost of Coal Consumed (Steam) 71.110 62,96,22,42,269 56,84,57,80,745
Cost of Oil Consumed (Steam) 71.120 1,08,72,39,828 1,04,97,15,866
Cost of Gas Consumed 71.140 6,34,37,55,883 9,74,69,70,290
(Internal Combustion)
Cost of Oil Consumed 71.150 21,95,688 7,33,347
(Internal Combustion)
Other Fuel related Cost 71.200 11,77,08,095 4,43,29,529
Total (A) 70,51,31,41,763 67,68,75,29,777
B. Operating Cost
Cost of water 71.500 8,14,26,755 16,42,44,498
23.1 Details of Generation and Other Direct Expenses(Amount in ` )
Particulars Account For the year ended For the year ended
Code 31st March, 2013 31st March, 2012
66
(Amount in ` )
Particulars Account For the year ended For the year ended
Code 31st March, 2013 31st March, 2012
Lubricants and consumption store 71.600 5,96,43,071 3,40,59,648
Station Supplies 71.700 10,61,99,510 25,78,88,461
Other Cost 71.800 24,57,74,456 20,87,90,566
Fuel Related Losses 72.1XX-72.2XX 78,56,34,667 92,50,87,568
Total (B) 1,27,86,78,459 1,59,00,70,741
Total (A+B) 71,79,18,20,222 69,27,76,00,518
Less:- Cost of generation Capitalised 71.9 13,34,12,184 65,57,05,385
TOTAL 71,65,84,08,038 68,62,18,95,133
Plant & Machinery 74.1XX 2,06,39,93,315 1,56,28,45,764
Buildings 74.2XX 7,54,52,136 6,77,42,484
Civil Works 74.3XX 6,92,98,638 8,33,33,583
Hydraulic Works 74.4XX 54,47,219 50,00,000
Lines, Cables & Networks 74.5XX - -
Vehicles 74.6XX 38,83,267 31,39,155
Furniture & Fixtures 74.7XX 1,60,437 3,30,064
Office & Other Equipments 74.8XX 6,20,498 5,47,794
TOTAL 2,21,88,55,510 1,72,29,38,844
Less:- Repairs ,Maintenance 74.900 36,98,029 14,73,893 Expenses Capitalised
TOTAL 2,21,51,57,481 1,72,14,64,951
Note No. 24 : REPAIRS & MAINTENANCE(Amount in `)
Particulars Account For the year ended For the year ended
Code 31st March, 2013 31st March, 2012
67
(a) Salaries and incentives 75.000-400 1,62,05,41,042 1,39,44,75,849 (Ref Note No.25.1) 75.612,615-619,
621-622
(b) Contributions to -
(i) Terminal Benefits 75.800 19,27,64,374 17,11,01,313 (Including Provident Fund)
(ii) Employee state insurance - -
(iii) Deposit Link Insurance 75.620 23,98,841 24,79,351
(iv) Gratuity fund
(c) Payment under workmenCompensation Act - -
(d) Staff welfare expenses 75.609-611 & 75.7 4,42,08,293 6,37,67,922 (Ref. Note no. 25.2)
TOTAL 1,85,99,12,550 1,63,18,24,435
Less: Employee Cost Capitalized 75.900 12,23,33,291 6,98,21,628
TOTAL 1,73,75,79,259 1,56,20,02,807
Note No. 25 : EMPLOYEE BENEFITS(Amount in `)
Particulars Account For the year ended For the year ended
Code 31st March, 2013 31st March, 2012
Basic Pay 75.100 71,98,39,678 65,75,46,045
Dearness Pay 75.000 92,41,194 3,73,37,445
Overtime 75.200 3,89,48,511 3,08,72,484
Dearness Allowances 75.300 48,01,73,396 36,68,61,724
Other Allowances 75.400 5,84,43,549 5,64,99,647
Exgratia 75.615 1,15,50,544 1,01,27,374
Honorarium 75.616 10,70,043 8,34,621
Leave Encashment 75.617 7,03,25,668 5,28,52,231
Generation Incentive & Award 75.619 23,01,03,454 18,06,40,658
D.L.I. Admn. Charges 75.621 2,08,462 2,02,652
Salary of Ex Servicemen 75.625 84,427 -
ESI Admn. Charges 75.622 5,52,116 5,85,502
Leave Travel Assistance 75.612 - 1,15,468
TOTAL 1,62,05,41,042 1,39,44,75,849
25.1 Details of Salaries and Incentives(Amount in ` )
Particulars Account For the year ended For the year ended
Code 31st March, 2013 31st March, 2012
68
Medical Insurance Premium 75.609 1,99,742 1,52,875
Medical Reimbursement 75.610,75.611 1,49,15,546 1,87,15,575
Training Expense 75.614 33,04,495 1,04,52,966
Medical Expenses-Dispensary inside plant 75.710 9,16,051 8,84,499
Education Expense 75.730 1,42,47,079 2,34,30,294
Canteen Expenses 75.720 23,71,956 25,68,179
Uniform & Liveries 75.740 15,19,849 8,27,166
Soap & Duster 75.741 3,24,452 4,72,436
Safety Devices 75.742 2,12,912 19,76,596
Recreation Expense 75.750 1,77,556 2,10,682
Other Welfare Expense 75.760 60,12,655 40,65,939
Payment of Annuity Benefits 75.770 6,000 10,714
TOTAL 4,42,08,293 6,37,67,922
25.2 Details of Staff Welfare expenses(Amount in ` )
Particulars Account For the year ended For the year ended
Code 31st March, 2013 31st March, 2012
Interest expense 78.100-78.729 17,36,28,97,458 14,62,02,21,979 (Refer Note No.26.1)
Lease Rentals 78.891 55,456 22,51,338
Other Borrowing Cost 78.861 to 78.830 21,13,04,796 20,66,31,666 (Refer Note No. 26.2)
TOTAL 17,57,42,57,710 14,82,91,04,983
Less: Finance Cost Capitalised 78.900 9,61,03,31,338 6,37,16,20,036
TOTAL 7,96,39,26,372 8,45,74,84,947
Note No. 26 : FINANCE COSTS(Amount in ` )
Particulars Account For the year ended For the year ended
Code 31st March, 2013 31st March, 2012
69
Interest on State Government Loans 78.1 18,98,46,000 18,98,46,000
Interest on Bonds & Debentures 78.200-78.210 - 82,12,603
Interest on Loans from FinancialInstitutions:
-Interest on Loans from LIC 78.501 4,18,49,936 5,48,88,952
-Interest on Loans from REC 78.504 75,31,16,575 32,31,80,546
-Interest on Loans from NCRPB 78.512 8,67,98,629 10,42,98,631
-Interest on loans from World Bank 78.516 9,26,235 10,37,082
-Interest on loans from PFC 78.517 13,49,03,15,309 10,41,79,68,141
Sub-Total (A) 14,56,28,52,684 11,09,94,31,955
Interest on Loans from Commercial Banks:
Central Bank of India 78.525 71,99,288 1,57,91,737
Oriental Bank of Commerce 78.527 79,56,341 1,76,73,657
Canara Bank 78.529 39,19,997 93,02,438
Sub-Total (B) 1,90,75,626 4,27,67,832
Interest on Short Term Loans from Banks:
Int. on WCL- PFC 78.701 24,10,09,088 33,96,94,807
Int. on WCL- REC 78.702 19,12,77,227 8,85,51,370
Int. on WCL- HUDCO 78.703 24,76,71,756 12,91,48,669
Int. on WCL- Canara Bank 78.704 - 4,13,27,128
Int. on WCL- SBBJ 78.705 5,37,24,824 13,96,01,552
Int. on WCL- Dena Bank 78.706 - 15,08,525
Int. on WCL- CBI 78.707 2,44,04,361 9,41,78,639
Int. on WCL- Vijaya Bank 78.708 - -
Int. on WCL-Bank of Raj. 78.709 3,32,20,267 8,25,08,802
Int. on WCL- Karnataka Bank 78.71 - -
Int. on WCL- UCO Bank 78.711 - 4,71,96,071
Int. on WCL- PNB 78.713 - -
Int. on WCL- Syndicate Bank 78.714 - -
Int. on WCL- Union Bank 78.716 - 10,33,45,330
Int. on WCL- OBC 78.717 67,22,319 5,18,01,621
Int. on WCL- BOI 78.718 45,43,84,790 47,27,93,756
Int. on WCL- BOB 78.719 2,96,50,514 11,89,82,268
26.1 List of Interest expense(Amount in `)
Particulars Account For the year ended For the year ended
Code 31st March, 2013 31st March, 2012
70
Int. on WCL- Others 78.72 1,49,80,475 (2,24,45,927)
Int. on WCL- Allahabad Bank 78.721 50,87,68,750 5,38,956,741
Int. on WCL- Indian Bank 78.722 22,91,11,843 31,19,66,594
Int. on WCL- Punjab & Sindh Bank 78.724 - -
Int. on WCL- Federal Bank 78.725 - -
Int. on WCL- Andhra Bank 78.726 18,25,24,929 27,94,10,933
Int. on WCL- Corporation Bank 78.727 12,10,99,576 23,38,06,233
Int. on WCL- United Bank of India 78.728 20,87,76,465 23,76,48,970
Int. on WCL- Indian Overseas Bank 78.729 23,36,41,964 18,80,40,110
Sub-Total (C) 2,78,09,69,148 3,47,80,22,192
Total (A to C) 17,36,28,97,458 14,62,02,21,979
(Amount in ` )
Particulars Account For the year ended For the year ended
Code 31st March, 2013 31st March, 2012
Finance Charges:
Stamp duty / Registration Fees 78.861 - -
Commitment Charges 78.866 - 35,119
Lease rentals 78.891 -
Bank Charges for Remittance 78.881 3,101 3,175
Other Bank Charges 78.883 1,17,80,978 52,97,584
Guarantee Charges 78.884 12,97,31,421 11,70,51,568
Other Finance Charges 78.830 & 78.886 30,86,014 1,36,82,140
Deferred Revenue Exp.written-off 79.610 6,67,03,282 7,05,62,080
TOTAL 21,13,04,796 20,66,31,666
26.2 List of Other Borrowing Cost(Amount in ` )
Particulars Account For the year ended For the year ended
Code 31st March, 2013 31st March, 2012
26.1 Penal interest/commitment charges, if any, have not been shown separately and are included in interest
& finance charges.
26.2 During the year, Net Interest & Finance charges pertaining to projects under construction amounting to
` 9,61,03,31,338/- (P.Y.` 6,37,16,20,036/-) have been capitalized. Further an amount of
` 6,35,64,245/- (P.Y. ` 8,08,60,134/-) towards interest and finance charges has been charged to GLPL
on pro-rata basis on the funds utilized for GLPL.
71
Amortisation of lease hold lands 77.110 6,96,828 6,96,828
Depreciation on Building 77.120 32,13,64,138 29,59,75,625
Depreciation on Hydraulic Works 77.130 18,54,96,099 16,90,59,637
Depreciation on Other Civil Works 77.140 6,22,04,802 5,46,26,166
Depreciation on Plant & Machinery 77.150 5,52,34,60,818 5,18,19,11,628
Depreciation on lines and Cable Networks 77.160 3,98,79,035 4,06,32,021
Depreciation on Vehicles 77.170 5,75,151 12,13,709
Depreciation on Fixtures & Furnitures 77.180 22,07,539 19,01,646
Depreciation on Office Equipments 77.190 94,24,504 85,16,792
Dep. on Capital spares at generating stations 77.230 1,86,46,945 2,01,40,482
TOTAL 6,16,39,55,859 5,77,46,74,534
Less:- Depreciation Capitalised 77.900 79,58,650 47,97,831
TOTAL 6,15,59,97,209 5,76,98,76,703
Note No. 27 : DEPRECIATION & AMORTISATION EXPENSES(Amount in ` )
Particulars Account For the year ended For the year ended
Code 31st March, 2013 31st March, 2012
Rent, Rates & Taxes 76.101-76.102 1,57,30,406 1,85,25,444
Licence & Registration fee of 76.103 24,19,883 20,52,407Plant & Machinery
Insurance on Fixed Assets 76.104 7,43,93,097 -
Insurance on Vehicles and Others 76.107&76.109 14,69,248 10,77,661
Security Service Charges 76.108 24,22,62,610 20,90,28,045
Telephone,Telex & EPABX Expenses 76.111&76.114 74,81,481 69,28,116
Postage & Telegram 76.112 6,86,546 6,09,688
Legal Charges 76.121 18,77,179 6,89,243
Payment to Auditors 76.122
i) As Statutory Auditors 5,05,620 4,21,350
ii) For Reimbursement of Expenses 1,12,360 1,00,000
Consultancy Charges 76.123 4,65,83,408 5,10,80,594
Professional Charges 76.125 - 1,38,978
Note No. 28 : OTHER EXPENSES(Amount in ` )
Particulars Account For the year ended For the year ended
Code 31st March, 2013 31st March, 2012
72
Tariff Fee 76.126 2,18,79,000 2,31,29,000
Conveyance expenses 76.131 7,33,084 7,72,249
Travelling expenses 76.132 58,45,992 41,60,547
Travelling allowance to employees 76.133 24,29,750 20,50,319
Vehicle Running expenses 76.135-76.138 5,99,92,416 5,74,08,789
Festival Expenses 76.148 4,914 17,892
Newspapers & magazines 76.150 46,813 43,956
Other miscellaneous expenses 76.151-76.740-79.110 4,35,49,896 4,21,00,409
Freight & Material related expenses 76.2xx & 76.240 3,45,06,792 4,27,08,809
Provision against old balances 79.470 & 79.571 6,53,01,955 20,85,01,905
Sundry debit / credit balances written-off 77.730 & 79.120 37,269 (13)
SUB TOTAL 62,78,49,719 67,15,45,388
Less:Administration and other 76.900 9,12,48,929 7,71,23,506expenses capitalised
TOTAL 53,66,00,790 59,44,21,882
(Amount in ` )
Particulars Account For the year ended For the year ended
Code 31st March, 2013 31st March, 2012
28.1 In absence of determination of rent of buildings of the Company occupied by other successor Companies
and vice-versa neither income nor expenditure has been accounted for during the period. Further the
credit of HRA has also not been transferred / received in respect of residential accommodation owned by
RVPN & occupied by employees of RVUN and vice-versa, respectively. As regards Common facilities at
Head Office building like Electricity, Telephone, Security charge & other misc. charges etc. are concerned,
these are shared by all the five successor entities of erstwhile RSEB and the share of RVUN is 28% of the
expenditure.
73
A. Income relating to previous year :-
Fuel related gains 65.110 15,71,707 64,92,855
Interest income 65.400 8,42,095 -
Other excess provision 65.800 2,752 18,64,40,478
Other income 65.900 9,89,63,857 3,48,53,843
Sub Total (A) 10,13,80,411 22,77,87,176
B. Prior period expenses/loss :-
Interest & Finance Charges 83.2,7 4,30,274 -
Fuel Related Losses 83.210 (16,02,72,858) (1,55,78,243)
Operating expenses 83.300 (8,98,14,521) 5,84,44,323
Employees cost 83.500 (13,77,391) 3,05,86,118
Depreciation under Provided 83.600 21,26,19,693 70,12,526
Admn. & general expenses 83.820 (64,60,350) 3,51,45,364
Prior Period Expenses- FBT 83.830 - 3,06,565
Excess Revenue charged from 83.850 - -Discoms in PY
Total (4,48,75,153) 11,59,16,653
Less: Prior Period Expenses Capitalised 83.900 25,56,518 25,52,704
Sub Total (B) (4,74,31,671) 11,33,63,949
TOTAL (A-B) 14,88,12,080 11,44,23,226
Note No. 29 : PRIOR PERIOD ITEMS(Amount in ` )
Particulars Account For the year ended For the year ended
Code 31st March, 2013 31st March, 2012
Net Profit after tax as per Statement of ` (1,85,21,52,332) (3,30,25,77,081)Profit and Loss attributable to EquityShareholders (a)
Weighted Average number of equity shares No. 5,26,92,15,923 4,81,10,74,666used as denominator for calculating EPS (b)
Earning Per Share (EPS) ` (0.35) (0.69)
Face Value per equity share ` 10 10
Note No. 30 : EARNINGS PER EQUITY SHARE (EPS) AND DILUTED EPS
Particulars Unit For the year ended For the year ended
31st March, 2013 31st March, 2012
Basic and Diluted
74
Note No. 31 : Other Disclosures
31.1. Capital commitments:-
The estimated amount of contracts remaining to be executed on capital account, and not provided for
(net of advances) is ` 1,76,50,39,87,362/- (P.Y. ` 27,39,08,94,168/-) as at 31.3.2013.
31.2. Contingent liabilities :-
During the year the company reviewed the disclosure of contingent liabilities keeping in view the provisions
of AS-29 “Provisions, Contingent Liabilities and Contingent Assets” issued by the Institute of Chartered
Accountants of India as under:
a) The company has outstanding bank guarantees given by the State Bank of Bikaner & Jaipur, State Bank of
India, Bank of India and Dena Bank in favour of following firms :-
S. No. Name of Bank In favour of (Amount in `) Purpose
1 State Bank of Ministry of Coal 46,80,00,000 As security for allocation of Coal
Bikaner & Jaipur Govt. of India Blocks
President of India
Acting through
ministry of coal
Shastri Bhawan
New Delhi.
2 State Bank of The President of 6,00,00,000 Making payment of Railway freight
Bikaner & Jaipur India represent through E-payment of SECR for
through the FA & STPS
CAO SECR,
Bilaspur
3 State Bank of M/s President India 80,00,000 E-Banking System pre-pay of Rail
Bikaner & Jaipur, Represented FA & Freight to CTPP(SECR)
Banipark, Jaipur COA SEC Railway,
Bilaspur
4 State Bank of M/s SECL 5,29,20,000 Coal supply to Chhabra unit-I
Bikaner & Jaipur (for Security Deposit)
5 State Bank of M/s SECL 5,02,74,000 Coal supply to Suratgarh unit-VI
Bikaner & Jaipur (for Security Deposit)
6 State Bank of M/s SECL 3,96,90,000 Coal supply to Kota unit-VII
Bikaner & Jaipur (for Security Deposit)
7 State Bank of The President of 2,75,00,000 For making E-Payment to SECR on
Bikaner & Jaipur India, Represented account of Coal supply at KTPS
through The FA&
CAO, South East
Central Railway,
Hazipur, Bihar
8 State Bank of M/s SECL 2,73,06,720 For Coal Supply at Chhabra unit 3&4
Bikaner & Jaipur as Commitment guarantee
75
9 State Bank of M/s SECL 1,57,31,100 For Coal supply at KaTPP unit-I
Bikaner & Jaipur
10 State Bank of M/s SECL 1,36,53,360 Coal supply at CTPP, Stage-I,
Bikaner & Jaipur phase II,(unit-3&4)
11 State Bank of M/s SECL 1,57,31,500 For Coal supply at KaTPP unit-I
Bikaner & Jaipur
12 State Bank of M/s SECL 1,08,10,800 Coal supply to KSTPS unit -7
Bikaner & Jaipur
13 State Bank of M/s SECL 2,38,21,200 Coal supply to CTPP unit -2
Bikaner & Jaipur
14 State Bank of M/s SECL 3,14,62,200 Coal supply to KaTPP unit -2
Bikaner & Jaipur
15 State Bank of The President of 1,70,18,000 For making E-payment to ECR on
India, Exhibition India represented Account of Coal Supply at KTPS
Road, Patna through the FA &
Branch, Bihar CAO ECR,
Hazipur, Bihar
16 State Bank of The President of 3,41,71,000 For making E-payment to ECR on
India, Exhibition India represented Account of Coal Supply at SSTPS
Road, Patna through the FA &
Branch, Bihar CAO ECR,
Hazipur, Bihar
17 Bank of India M/s SECL 2,85,76,800 For supply of Coal to CTPP unit-2
(as security Deposits)
18 Bank of India M/s SECL 2,60,62,600 To issue letter of assurance for CTPP
unit 3&4 as Commitment Guarantee.
19 Bank of India, M/s SECL 1,36,53,360 For supply of Coal CTPP(unit 3&4)
Mid Corporate
Branch, Neelkanth
Tower, Jaipur
20 Bank of India M/s SECL 15,73,11,000 For supply of Coal at Kalisindh unit-I
(KaTPP)
21 Bank of India M/s SECL 3,14,62,200 For supply of Coal at Kalisindh unit-I
(KaTPP)
22 Dena Bank M/s SECL 11,04,71,000 To issue letter of assurance for CTPP
unit 3&4 as Commitment Guarantee
23 Dena Bank M/s SECL 6,29,24,000 For Coal Supply at Kalisindh Unit -I
76
S. No. Name of Bank In favour of (Amount in `) Purpose
1 Bank of India M/s Gail India Ltd. 33,55,06,378 Supply of natural Gas by GAIL
Jaipur (DCCPP)
2 Bank of India M/s Gail (India) 1,26,00,000 Transmission of Gas From Ankot
Ltd. (Gujrat) to DCCPP
3 Bank of India M/s Reliance 1,43,42,000 Supply of gas for DCCPP
Industries Ltd.
4 Bank of India M/s Reliance Gas 71,94,000 Transmission of Gas From Kakinada
Transportation (Andhra Pradesh) to Ankot (Gujrat)
Infrastructure Ltd.
5 Bank of India M/s Niko (NECO) 23,91,000 Supply of gas for DCCPP
Ltd.
6 State Bank of M/s BP Exploration 71,71,000 Supply of Gas for DCCPP in addition
Bikaner & Jaipur (Alpha)Ltd. to RIL
7 State Bank of M/s GAIL(India)Ltd. 1,95,00,000 For Gas Supply at RGTP
Bikaner & Jaipur
8 State Bank of M/s GAIL(India)Ltd. 6,53,00,000 For Gas Supply at RGTP
Bikaner & Jaipur
9 Dena Bank, M/s GAIL(India)Ltd. 12,57,00,000 For Gas Supply to RGTP Extension
M.I.Road, Jaipur Power Projects of 160MW
b) The company has outstanding letter of credit / IRLC issued by the State Bank of Bikaner & Jaipur, Bank
of India and Dena Bank in favour of following firms:
c) Claims against the company not acknowledged as debts as at 31.03.2013.
i) At KTPS, and DCCPP, a disputed liability of ` 30,98,00,000/- & ` 10,79,611/- respectively on
account of water cess claimed by Rajasthan State Pollution Control Board for which appeal have
been filed with the Chairman RSPCB.
ii) At KTPS and SSTPS Disputed liability on account of interest on delayed payment/Incentives of coal
supplies bills and others demanded by SECL amounting to ` 34,67,75,501/- & ` 14,81,78,728/-.
iii) The Additional Collector (Stamps) Jaipur, has raised the demand of stamp duty & interest of
` 15,80,00,000/- on finalisation of appeal against matter of levy of stamp duty on purchase of plant
& machinery & loan documents executed. The company has filed the revised appeal before Chief
Controlling Authority (Stamps), Ajmer against the said demand by depositing the 25% amount of
demand i.e. ` 3,95,00,000/- and same is still pending for decision
iv) ESI Deptt. has seized an amount of ` 1,34,13,071/- from bank account of KSTPS against ESI
contribution of contractor’s labour working as on 07.07.2005 along with interest thereon. Amount
of ` 19,05,681/- has been recovered from concerned contractors by KSTPS in the financial year
2008-09 and for excess deduction by ESI; appeal has been filed in office of Director, ESI, Delhi. The
company has also filed an appeal in the Hon’ble High Court, Jaipur against such recoveries. The
decision of the appeal is pending. In this regard the aggrieved contractor has also filed appeal before
Hon’ble High Court, the decision of which is pending.
77
v) Railway raised a demand of ` 83,15,00,000/- unilaterally without any proper logic/justification on
company for disallowances of rebate to pay surcharge for non-maintaining of minimum advance
balance by SSTPS with railway.
vi) Liability on account of the matters under litigation has not been provided for, as claims in respect
thereof have not been entertained and are being contested. The total amount of liability which can
reasonably be ascertained is ` 7,62,00,000/-. Other matter mostly pertains to the employees where
the amount of probable liability/obligation is not ascertainable.
vii) As per RERC truing up order dated 06.06.2013 for the year 2009-10 an amount of ` 2,06,53,00,000/-
is to be return to discoms on account of variable charges and fixed charges amounting to
` 1,46,66,19,131/- and ` 59,86,80,869/- respectively. The Company has accounted for
` 1,46,66,19,131/- in the Financial Year 2011-12 and not acknowledge the fixed charges as above.
However the company has filed appeal against the order only for fixed charges before the Hon’ble
APTEL, New Delhi. The matter is pending for decision.
viii) Taxation matters for which liability is disputed and provision is not made (computed on the basis of
assessments/demand made by the department):
Particulars Amount in `
a) Matters on which there are decisions of the appellate authorities 1,56,96,270
in the company’s favour, not accepted by the tax authorities and
amount is liable for F.B.T on ` 3,68,15,199/-
b) Other taxation matter for which company is in appeal. 8,71,05,380
d) As per the Actuarial Valuation report there was a shortfall of ` 31,43,32,00,000/- in respect of liabilities
for pension and gratuity as on 31.03.2007. The liability was further estimated to have increased to
` 50,00,00,00,000/- (approx) as on 31.03.2009, subject to revision on receipt of final Actuarial Valuation
report, which is likely to take some more time. Based on the above estimation the share of RVUNL in the
shortfall was ̀ 4,00,00,00,000/- which the company had provided in the books of accounts for the year
2008-09. However out of the above shortfall the RERC vide its Order dated 31.08.2009 has allowed the
Nigam to recover ` 40,00,00,000/- per annum (total amount of ` 2,00,00,00,000/-) out of such past
years cost for the MYT period i.e. 2009-10 to 2013-14. Accordingly the Fourth installment of
` 37,10,93,106/- has been actually received by the company through tariff in the current year 2012-13
against the claim of ` 40,00,00,000/-.
e) The Income-tax assessment of the company completed upto Assessment year 2011-12. Further appeal
with the department is pending against the assessment order for the Assessment year 2001-02 to
2011-12.
The out flow on account of the claims against the company not acknowledged as debts and tax disputes is
contingent upon the decision of the courts/other authorities and may differ from the amounts disclosed as contingent
liability on the basis of estimates.
31.3. RVUNL is engaged in the generation of electricity and selling thereof to the Distribution Companies.
Generation of electricity is one and single product. Hence AS 17- “Segmental Reporting” is not applicable
on RVUNL.
31.4 Disclosure as required by Accounting Standard 18 (AS-18) “Related Party Disclosures” issued by The
ICAI are as follows :
78
(a) Names of the related party and description of relationship :
S. No. Related Party Where Control Exists Relationship
1. Chhabra Power Ltd.
2. Dholpur Gas Power Ltd Subsidiary
3. Giral Lignite Power Ltd Companies
4. Rajasthan State Coal Mining Co. Ltd.
1. Parsa Kente Collieries LtdJoint Venture
2. Rajasthan Collieries Ltd.
1. Shri P. N. Singhal, CMD,- Entire Financial Year
2. Shri Shailendra Agarwal, IAS, Director-Entire Financial Year
3. Shri Abhay Kumar, IAS, Director-upto 13.04.2012
4. Sh.Tanmay Kumar, IAS, Director-w.e.f 13.04.2012
5. Shri Naresh Pal Gangwar, IAS, Director-Entire Financial Year
6. Shri Kunji Lal Meena, IAS, Director - Entire Financial Year Key Managerial
7. Shri N. M. Mathur, Director(Technical)-Entire Financial Year Personnel
8. Shri M. C. Gaur, Director (Finance) - upto 28.02.2013
9. Smt. Shashi Mathur, Director - Entire Financial Year
10. Shri P. C. Jain, Director(Projects)-Entire Financial Year
11. Shri B. S. Joshi, Director(Finance)-w.e.f.28.02.2013
(b) Details of Transactions with subsidiary companies :
Particulars Amount (In `)
2012-13 2011-12
i) Equity Contribution (in the nature of Investments) 20,00,000 15,00,000
(50,000 equity shares of ` 10/- each in each of the
Subsidiaries)
ii) Other Receivable / (Payable) in subsidiaries (net)
Chhabra Power Ltd. (2,11,713) (2,22,101)
Dholpur Gas Power Ltd. (2,09,742) (2,22,713)
Giral Lignite Power Ltd. 6,97,49,38,412* 6,14,38,21,940*
*includes figures related to sale of business to the subsidiary (GLPL)
79
c) Employees remuneration and benefits include remuneration to the Chairman & Managing
Director and Directors are as follows:-
Particulars 2012-13 (In `) 2011-12 (In `)
Salary & Allowances 46,96,999 40,48,978
Contribution to provident Fund and 1,38,280 96,922
other funds
Total 48,35,279 41,45,900
31.5 a) No earning in foreign exchange was accrued during the year.
b) The foreign exchange outgo during the year was ` 1,20,93,34,044/-.
c) Value of components, stores and spare parts consumed (including Fuel, lubricants, etc.)
(Amount in ` )
Particulars % of total Current % of total Previous
consumption Year consumption Year
Indigenous 86.24% 62,14,51,04,443 84.30% 58,04,02,93,341
Imported 13.76% 9,91,18,18,406 15.70% 10,80,73,09,032
Total 100.00% 72,05,69,22,849 100.00% 68,84,76,02,373
31.6 The Internal Audit of the Accounting Units is being conducted by the Company’s own internal audit
wing.
31.7 The Debtors and Creditors balances are subject to reconciliation and confirmation.
31.8 In view of multiplicity and difficulty in identification of accounts relating to small scale industrial undertaking,
information for determining the particulars relating to current indebtedness to such undertaking as required
under Part – I of Schedule VI to the Companies Act – 1956 is not readily available.
31.9 As required by the Accounting Standard (AS-28) “Impairment of Assets” issued by the Institute of Chartered
Accountants of India, the company has carried out the assessment of impairment of assets. Their has
been no impairment loss during the year.
31.10 Licensed & installed capacities :-
Particulars Current Year Previous Year
Licensed capacity (MW) Not Applicable Not Applicable
Installed Capacity(MW) 3969.35 3969.35
80
31.11 Quantitative information in respect of Generation and Sale of Electricity:
(In Million Units)
PARTICULARS Units Generated Aux. Consumption Net Units Sold
Coal 23,444.112551 2,236.055479 21,208.057072
(23,311.469285) (2,224.967783) (21,086.501502)
Gas 1,660.290800 46.462157 1,613.828643
(2,790.937000) (71.105843) (2,719.831157)
Hydel 221.705803 1.653968 220.051835
(198.330761) (1.569540) (196.761221)
Sub-Total (A) 25,326.109154 2,284.171604 23,041.937550
(26,300.737046) (2,297.643166) (24,003.093880)
B. Pre-commercial 0.00 0.00 0.00
Period (250.942130) (35.172740) (215.769390)
GRAND TOTAL 25,326.109154 2,284.171604 23,041.937550
(A+B) (26,551.679176) (2,332.815906) (24,218.863270)
(Figures given in bracket are of previous year)
31.12 Assets and liabilities are presented as current or non-current as per criteria set out in Revised Schedule VI
of the Companies Act, 1956 notified by the Ministry of Corporate Affairs Vide notification No. 447(E)
dated 28th February, 2011 and S.O.653 (E) dated 30th March, 2011. Based on the nature of the products,
power generating process and realisation, the company has ascertained its operating cycle of twelve
months. Accordingly twelve months period has been considered for the purpose of current/non-current
classification of assets and liabilities.
31.13 Figures of the current & previous year have been rounded off to nearest Rupee.
As per our separate report of even date For and on behalf of the Board of Directors
For P.C. MODI & CO. (A.K. JOSHI) (N.M. MATHUR)
Chartered Accountants Director (Finance) Chairman & Managing
FRN 000239C Director
(Bharat Sonkhiya) (S.G.V.S. SUBRAHMANYAM) (A.K.C. BHANDARI)
Partner Company Secretary Chief Controller of Accounts
M.No. 403023
Place : Jaipur
Date : 27th March, 2014
81
STATEMENT PURSUANT TO SECTION 212 OF THE COMPANIES ACT,1956
RELATING TO SUBSIDIARY COMPANIES
S.No. Name of The Subsidiary Giral Dholpur Chhabra Rajasthan
Lignite Gas Power State Coal
Power Ltd. Power Ltd. Ltd. Mining
Company
Ltd.
1 Financial Year of the subsidiary 31.3.2011* 31.03.2013 31.03.2013 31.03.2013
ended on
2 Shares of the subsidiary held by the
Company on the above date
(a) Number and Face Value 50,000 50,000 50,000 50,000
(alongwith the Subsidiaries) Equity Shares Equity Shares Equity Shares Equity Shares
of `10/- each of `10/- each of `10/- each of `10/- each
fully paid fully paid fully paid fully paid
(b) Extent of holding 100% 100% 100% 100%
3 Net aggregate amount of profits/
(losses) of the subsidiary for the above
financial year of the subsidiary so far
as they concern members of the
company (In `)
(a) Dealt with in the accounts of the Nil Nil Nil Nil
Company for the year ended
31st March, 2013
(b) Not dealt with in the accounts of the Nil Nil Nil Nil
Company for the year ended
31st March, 2013
4 Net aggregate amount of profits/
(losses) for previous financial year of
the subsidiary since it became a
subsidiary so far as they concern
members of the company (In `)
(a) Dealt with in the accounts of the - N/A N/A N/A
Company for the year ended
31st March, 2013
(b) Not dealt with in the accounts of the (-)67,67,47,306/- (-)2,54,666/- (-)2,56,927/- N/A
Company for the year ended
31st March, 2013
5 Changes in the company's interest in - Nil Nil Nil
the subsidiary company between the
end of the financial year or of the last
of the financial year of the subsidiary
and the end of the Company's
financial year(alongwith subsidiaries)
6 Material changes between the end of N/A
the financial year or of the last of the
financial year of the subsidiary and
the end of the Company's financial
year in respect of
82
*Note: - The details in respect of Giral Lignite Power Limited (GLPL), a wholly owned subsidiary of the company
could not be given in the above statement as the annual accounts of the said subsidiary company for the financial
year 2011-12 and 2012-13 are under finalisation/audit. The GLPL has also incurred loss of ` 85,09,51,547/-
during the year 2009-10 also.The latest audited accounts of GLPL are available as on 31.03.2011.
For and on behalf of the Board of Directors
(A.K. JOSHI) (N.M. MATHUR)
Director (Finance) Chairman & Managing
Director
(S.G.V.S. SUBRAHMANYAM) (A.K.C. BHANDARI)
Company Secretary Chief Controller of Accounts
(i) Fixed Assets purchased (`) - N/A N/A N/A
(ii) Investment sold (`) - N/A N/A N/A
(iii) Moneys lent recovered (`) - N/A N/A N/A
(iv) Borrowings repaid (`) - N/A N/A N/A
83
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER
SECTION 619(4) OF THE COMPANIES ACT, 1956 ON THE ACCOUNTS OF RAJASTHAN
RAJYA VIDYUT UTPADAN NIGAM LIMITED FOR THE YEAR ENDED 31st MARCH, 2013.
The preparation of Financial Statements of Rajasthan Rajya Vidyut Utpadan Nigam Ltd., Jaipur for the Year
ended 31st March, 2013 in accordance with financial reporting framework prescribed under the Companies Act,
1956 is the responsibility of the Management of the Company. The Statutory Auditors appointed by the Comptroller
& Auditor General of India under Section 619(2) of the Companies Act, 1956 are responsible for expressing
opinion on these financial statements under Section 227 of the Companies Act, 1956 based on independent
audit in accordance with the Auditing and assurance Standards prescribed by their professional body, the Institute
of Chartered Accountants of India. This is stated to have been done by them vide their Audit Report dated 27th
March, 2014.
I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit under
Section 619(3) (b) of the Companies Act, 1956 of the financial statements of Rajasthan Rajya Vidyut Utpadan
Nigam Ltd., Jaipur for the Year ended 31st March, 2013. This supplementary audit has been carried out
independently without access to the working papers of the Statutory Auditors and is limited primarily to inquiries
of the Statutory Auditors and Company personnel and a selective examination of some of the accounting records.
Based on my supplementary audit, I would like to highlight the following significant matters under Section 619(4)
of the Companies Act, 1956 which have come to my attention and which in my view are necessary for enabling
a better understanding of the financial statements and the related Audit Report.
A. Commnents on financial Position
Balance Sheet
Assets
Non Current Assets
Capital Work in Progress ( Note No.-11): ` 9775.94 Crore
The above is understated by ` 27.76 crore due to non provision of liability of bills towards works carried
out by M/s BGR Energy System Ltd. for the period 2009-10 to 2011-12 for which payment was made in
2013-14. Consequently , other Current Liabilities has been understated by ` 27.76 Crore.
B. Comments on Profitability
Statement Profit and Loss
Expenses
Administrative and Other Expenses (Note No.28) ` 53.66 Crore
The above is understated by ̀ 56.12 lakh due to excess capitalization of administrative and other expenses
incurred commonly on operational projects and construction projects of IIIrd Phase of Ramgarh Gas
Project. Consequently capital Work in Progress has been overstated and loss for the year has been
understated by ` 56.12 lakh .
For and on the behalf of
The Comptroller and Auditor General of India
(Divya Malhotra)
Place : Jaipur Pr. Accountant General (E & R S Audit)
Date : 19.08.2014 Rajasthan, Jaipur
84
MANAGEMENT RESPONSE TO THE COMMENTS OF COMPTROLLER AND AUDITOR
GENERAL OF INDIA UNDER SECTION 619(4) OF THE COMPANIES ACT, 1956 ON
THE ACCOUNTS OF RAJASTHAN RAJYA VIDYUT UTPADAN NIGAM LIMITED FOR
THE YEAR ENDED 31st MARCH, 2013
A. Commnents on financial Position
Balance Sheet
Assets
Non Current Assets
Capital Work in Progress ( Note No.-11): ` 9775.94 Crore
Observation noted. Necessary adjustment has been made in the accounts for the FY 2013-14.
B. Comments on Profitability
Statement of Profit and Loss
Expenses
Administrative and Other Expenses (Note No.28) ` 53.66 Crore
Observation noted. Necessary adjustment has been made in the accounts for the FY 2013-14.
